25 August 2020Insurance

Allianz sells UK non-life carrier BRIC to €500m legacy start-up Marco

Newly-launched European property and casualty run-off specialist  Marco Capital Holdings has acquired British Reserve Insurance Company (BRIC), a UK non-life insurance company, from Allianz Insurance.

The acquisition is Marco’s first run‐off transactions in the UK/London Market.

The deal will provide Marco with an authorised UK non-life insurance carrier suitable for acquiring portfolios of non-life insurance loss reserves through reinsurance or Part VII Transfer, thereby building its UK run-off business.

Established in 1935, BRIC became part of Allianz after the acquisition of Cornhill Insurance in 1986. BRIC ceased writing new business in 2015 and carries a low level of operational and financial risk.

The transaction is subject to regulatory approval.

Malta-headquartered Marco is founded and led by Simon Minshall, ex-chief financial officer of run-off carrier DARAG. The company has launched with €500 million initial committed equity capital. It is focused on run-off opportunities located in or sourced from the UK, Lloyd’s of London and Continental Europe.

Minshall, CEO of Marco, said: “I am delighted to announce the acquisition of BRIC as Marco’s first transaction, subject to regulatory approval, as this provides Marco with an excellent underwriting platform for P&C Run-Off transactions in the UK companies market.”

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
15 October 2021   Lloyd’s represents a major market place for P&C run-off transactions, says its CEO.
Insurance
14 October 2021   The deal with Allianz transfers the remaining risks in Allianz Suisse’s UK Branch.
Insurance
26 July 2021   The 30-year industry veteran was most recently managing director of NA public entity at WTW.