Marco Capital acquires former Credit Suisse ILS vehicle

European P&C insurance run-off group  Marco Capital Holdings is acquiring a former Credit Suisse-backed Guernsey domiciled reinsurance vehicle through its subsidiary Humboldt Re.

Marco has announced the acquisition of Kelvin Re.

Kelvin Re is a Guernsey based reinsurance company, authorised by the Guernsey Financial Services Commission. Humboldt Re, Marco’s 100% owned Guernsey subsidiary, is the acquiring entity.

Both Humboldt Re and Kelvin Re were formed under the stewardship of Credit Suisse’s ILS team on behalf of third party investors and there is substantial similarity in the books of business.

Simon Minshall, Marco CEO, commented: “From Marco’s perspective, this transaction makes absolute sense as it encompasses a portfolio most of which overlaps with Humboldt Re, our existing Guernsey carrier, with consequential reduced risk for Marco due to familiarity as well as economies deriving from ownership of two highly similar entities.”

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