Marco confirms first Lloyd’s reinsurance to close deal with Verto

European property and casualty (P&C) insurance run-off group  Marco Capital Holdings has sealed its first reinsurance to close (RITC) deal with  Verto Syndicate 2689.

The RITC is underwritten by Marco’s recently established Lloyd’s Syndicate 1254, managed by Capita Managing Agency, which Marco is acquiring, subject to regulatory approval.

The transaction has received Lloyd’s approval. It covers Syndicate 2689’s 2019 and prior years of account and is effective from January 1, 2022.

“We are delighted to have been chosen to take over the 2019 and prior years of account via an RITC from Verto Syndicate. This transaction is an excellent start for Marco’s recently approved syndicate and reflects Marco’s commitment to serve Lloyd’s syndicates with professional and competitive solutions,” said Marco chief executive officer Simon Minshall (pictured).

“Lloyd’s is currently the most active venue for P&C Legacy carriers to transact and Marco is dedicated to providing a full range of run-off solutions to Lloyd’s syndicates,” he added.

Chris Sharp, active underwriter of Verto 2689, said: “This mutually beneficial transaction allows Verto to achieve the best available result for its 2019 and prior capital providers and allows the syndicate to look forward in executing its multi-consortia follow syndicate strategy.”

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