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.”
