Marco Capital Holdings Limited, the European Insurance Group P&C, has expanded its headcount to more than 300 insurance professionals through the acquisition of the insurance subsidiaries of Capita plc, Capita Commercial Insurance Services (CCIS) and Capita Managing Agency (CMA).
Launched in August last year and headquartered in Malta, Marco is a provider of reinsurance and ultimate solutions for insurers and reinsurers.
Since its establishment with committed initial capital of €500 million, the company has completed a number of transactions, including the purchase of British Reserve Insurance Company Ltd (BRIC) from Allianz, and a legacy transfer deal with the same company.
Earlier this year, Marko was given approval “in principle” to launch the Reinsurance for Closing Syndicate (RITC), which was closely followed by the acquisition of Humboldt Re Limited, a Guernsey-based reinsurer.
Now, the company has announced its transformative acquisition of CCIS and CMA from the parent company, subject to regulatory approval.
CCIS has over 250 skilled employees in Cheltenham and London. The business is a widely recognized and highly specialized insurance services provider, providing a range of outsourcing services, including technical support services solutions via underwriting support, claims management and customer financing services.
CMA is one of only two independent turnkey service providers in Lloyd’s. The business provides a wide range of services with a broad offering across business planning support, underwriting, actuarial compliance, reservation and regulatory compliance.
Simon Minschal, CEO (CEO) of Marco commented: “I am pleased to announce the acquisition of CCIS and CMA. These two long-established companies have tremendous growth potential in their core markets and Marco Capital will provide financial and other support to realize this potential.
“While these companies will operate on a stand-alone basis independently of Marco’s core Legacy business, they will significantly increase Marco’s operational capabilities as Marco will become a customer of both companies – starting with CMA which was appointed as managing agent for Marco’s new syndicate to be incorporated in Lloyd’s and later contracted with CCIS Technical Support Services.