Marco acquires reinsurer Humboldt Re in Guernsey
European property and casualty (P&C) insurance run-off group Marco Capital Holdings has acquired Guernsey-based reinsurance company Humboldt Re.
The companies have received regulatory approval from the Guernsey Financial Services Commission for the transaction.
The deal marks Marco’s third acquisition within the last nine months, "significantly increasing" its balance sheet size.
Earlier this month, Marco also revealed that it has been granted ‘in principle’ approval to establish a new syndicate at Lloyd’s that will provide reinsurance to close (RITC) and other legacy solutions.
Simon Minshall, chief executive officer of Marco, said “I am delighted to announce the acquisition of Humboldt Re. Clients engage in run-off transactions for a variety of reasons - providing customized strategic solutions is a fundamental service Marco offers and is a core pillar in Marco’s strategy. This transaction demonstrates our structuring capabilities and key proposition in offering the best solution for our clients.”
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