Marco Re launches as unified international P&C insurance run-off

European P&C insurance run-off group Marco Capital Group has merged its Guernsey subsidiaries Humboldt Re and Kelvin Re under the name Marco Re.

The company explained that the two component carriers had very similar books of business and were originally formed and managed under Credit Suisse ILS. The merger of Kelvin Re into Humboldt Re was approved by the Guernsey Financial Services Commission in December 2023.

Marco Re will be led by Mark Elliott as chief executive officer, supported by a senior team in Guernsey and Marco’s specialist insurance services company Polo Commercial Insurance Services (PCIS).

Elliott, CEO of Marco Re, said: “We are delighted to have efficiently brought together two ‘sister’ reinsurance companies in run-off and are excited that Marco Re offers its clients competitive reinsurance solutions for international P&C Legacy situations.”

Simon Minshall, Marco Capital Group CEO, commented: “Marco Re has a substantial capital base, which can be supplemented for Legacy transactions as required, and is managed conservatively benefitting from internal economies of scale derived from its recent merger and services provided by PCIS. Marco Re is a powerful tool available to our clients seeking international P&C Legacy solutions.”

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