Markel strikes UK motor loss portfolio transfer with Marco Capital
European property and casualty insurance run-off group Marco Capital Holdings has transacted a UK motor loss portfolio transfer (LPT) with Markel in a deal brokered by Gallagher Re.
The transaction will see Marco provide a cover of up to £200m in claims reserves for a portfolio of UK motor insurance.
Marco’s Syndicate 1254 will provide cover to reinsured business stemming from Markel.
The portfolio comprises claims settled via periodic payment order (PPO) and those which are currently open and may settle as either a lump sum award or PPO. Gallagher Re was the placing broker on the transaction.
Andy Davies, Markel International CFO, said: “This transaction significantly reduces our exposure from discontinued lines of business allowing us to successfully grow our ongoing business.”
Simon Minshall, Marco CEO, added: “Marco is pleased to be working with Markel in simplifying its legacy commitments. We are delighted to have been able to assist Markel in achieving its strategic objectives with regards to this portfolio. Marco has developed a unique approach specifically for UK motor business to assess exposure for both settled and unsettled claims, We look forward to working on similar opportunities in the future.”
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