Marco Insurance PCC has obtained a property & casualty insurance and reinsurance license from the Malta Financial Services Authority (MFSA).
Marco Insurance is a subsidiary of Marco Capital, the European P&C insurance run-off group.
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It has been set up as a protected cell company and will act as the group’s lead insurer for European Union business under EU freedom of services regulations.
Marco Insurance is licensed in Malta for all 18 classes of non-life insurance and reinsurance.
Marco CEO Simon Minshall said: “I am delighted to announce that the Malta Financial Services Authority has authorised and approved Marco Insurance PCC Limited.
“This essential step in Marco’s development comes at a time of substantial change in the European P&C Legacy sector.”
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By GlobalDataMinshall added: “Marco is well placed to offer attractive and competitive solutions to facilitate greater risk, capital, and operational efficiency within European P&C, enabling insurance groups to place even more emphasis on new business opportunities.”
In August 2020, Marco agreed to purchase British Reserve Insurance, a UK non-life insurance company, from Allianz.
The acquisition of BRIC was Marco’s first transaction, which is subject to regulatory approval.
It will provide Marco with an underwriting platform for P&C run-off transactions in the UK companies market.
Marco’s Europe focused P&C strategy includes run-off business opportunities located in or sourced from the UK, Lloyd’s of London and Continental Europe.
