Both reinsurers, based in Guernsey, were initially established by Credit Suisse’s ILS team. Credit: garagestock/Shutterstock.

Marco Capital, the European property and casualty (P&C) insurance run-off group, has revealed Marco Re as the new brand for its merged subsidiaries, Humboldt Re and Kelvin Re.  

The launch marks the consolidation of the group’s operations, with Marco Re now standing as the largest carrier in the Marco Capital. 

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Marco Capital acquired Humboldt Re in October 2021 while Kelvin Re joined the group in July 2023.  

Both based in Guernsey, the reinsurers were initially established by Credit Suisse‘s Insurance-Linked Securities (ILS) team, catering to third-party investors. 

The merger, which was approved by the Guernsey Financial Services Commission in December 2023, is anticipated to yield substantial benefits. 

Marco Capital said the combined entity will benefit from economies of scale realised from the consolidation, as Humboldt Re and Kelvin Re maintained very similar books of business. 

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The management team of Marco Re, led by Mark Elliott, is supported by a senior team in Guernsey and the specialist insurance services offered by Polo Commercial Insurance Services (PCIS).  

Commenting on the combination, Marco Re CEO Mark Elliott said: “We are delighted to have efficiently brought together two ‘sister’ reinsurance companies in run-off and are excited that Marco Re offers its clients competitive reinsurance solutions for international P&C Legacy situations.” 

Marco Capital Group CEO Simon Minshall said: “Marco Re has a substantial capital base, which can be supplemented for Legacy transactions as required, and is managed conservatively benefitting from internal economies of scale derived from its recent merger and services provided by PCIS.  

“Marco Re is a powerful tool available to our clients seeking international P&C Legacy solutions.”