Markel and Marco Capital have announced a loss portfolio transfer transaction involving UK motor insurance claims.
Marco’s Syndicate 1254 will be providing cover of up to £200 million in claims reserves to reinsured business stemming from Markel.
“This transaction significantly reduces our exposure from discontinued lines of business allowing us to successfully grow our ongoing business,” said Markel International chief financial officer Andy Davies in a release.
It was noted that the portfolio consists of claims settled via periodic payment order (PPO) and those which are currently open and may settle as either a lump sum award or PPO.
“Marco is pleased to be working with Markel in simplifying its legacy commitments,” said Marco chief executive Simon Minshall. “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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