Marco Capital, the European property and casualty (P&C) insurance coverage run-off group, has revealed Marco Re as the brand new model 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 biggest service within the Marco Capital.
Marco Capital acquired Humboldt Re in October 2021 whereas Kelvin Re joined the group in July 2023.
Each based mostly in Guernsey, the reinsurers have been initially established by Credit score Suisse’s Insurance coverage-Linked Securities (ILS) crew, catering to third-party traders.
The merger, which was authorised by the Guernsey Monetary Companies Fee in December 2023, is anticipated to yield substantial advantages.
Marco Capital stated the mixed entity will profit from economies of scale realised from the consolidation, as Humboldt Re and Kelvin Re maintained very related books of enterprise.
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The administration crew of Marco Re, led by Mark Elliott, is supported by a senior crew in Guernsey and the specialist insurance coverage companies supplied by Polo Industrial Insurance coverage Companies (PCIS).
Commenting on the mix, Marco Re CEO Mark Elliott stated: “We’re delighted to have effectively introduced collectively two ‘sister’ reinsurance firms in run-off and are excited that Marco Re affords its purchasers aggressive reinsurance options for worldwide P&C Legacy conditions.”
Marco Capital Group CEO Simon Minshall stated: “Marco Re has a considerable capital base, which may be supplemented for Legacy transactions as required, and is managed conservatively benefitting from inside economies of scale derived from its current merger and companies supplied by PCIS.
“Marco Re is a strong device accessible to our purchasers looking for worldwide P&C Legacy options.”