Lloyd’s approves launch of RITC syndicate by UK legacy specialist

Lloyd’s Council has granted ‘in principle’ approval to European property and casualty (P&C) insurance run-off group  Marco Capital Holdings to establish a new syndicate.

The syndicate will provide reinsurance to close (RITC) and other legacy solutions to Lloyd’s syndicates.

The approval is subject to completion of the ‘Making it Happen’ review.

The council’s decision enables Marco to participate in and quote on RITC and other run-off opportunities coming to market during this season.

Simon Minshall, chief executive officer of Marco, said: “I am delighted to announce this important milestone in Marco’s development which completes our strategic set-up. Lloyd’s represents a major market place for P&C run-off transactions - comprising RITC (which is unique to Lloyd’s) and other Legacy solutions for business written by Lloyd’s syndicates.

“We are very pleased to have reached this stage early in Marco’s history. Receiving Lloyd’s approval validates Marco’s professional approach and its excellent reputation. This is a significant step forward in the development of our franchise.”

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