Marco Capital Holdings has completed its acquisition of the insurance businesses of Capita plc, namely the latter’s speciality insurance businesses Capita Commercial Insurance Services Limited (CCIS) and Capita Managing Agency Limited (CMA).
Following the transaction, the acquired businesses will operate under the newly christened brand Polo – a riff on Marco Capital Holdings name. A release said that Polo is backed by €500 million equity committed by Oaktree Capital.
“The Polo team are excited to enter this new chapter in our development. Marco Capital brings a fresh commitment to develop our businesses bringing investment and insurance expertise which will allow us to fully develop our capabilities to support our clients,” said Polo CEO Simon Sykes.
Sykes added that the deal sends a message to the market: that Polo is “a strong and stable insurer-owned business with leading turnkey and outsourcing operations.”
“We cover the entire insurance lifecycle and are a highly capable partner to businesses across the insurance market.”
Through the deal, CCIS becomes Polo Commercial Insurance Services (PCIS). Serving 42 clients – most of whom are Lloyd’s-based – PCIS is a team of more than 250 insurance specialists that provide onshore outsourced services such as underwriting support, management accounting, claims management, compliance & regulatory, and workflow management.
Meanwhile, CMA gets rebranded into Polo Managing Agency (PMA), one of two independent “turnkey” managing agencies at Lloyd’s. PMA’s clientele will include new and existing Lloyd’s Syndicates, including Syndicate-in-a-box candidates, MGAs, and insurtechs. It was also noted in a release that Marco Capital’s own RITC Syndicate 1254 is a client of PMA.
“We view our relationship with Polo as a partnership – on the one hand Marco is a client of Polo both at Lloyd’s (PMA) and more broadly for outsourced insurance services (PCIS); while on the other hand Marco brings capital and commercial support to Polo to enable it to achieve its market potential,” said Marco Capital CEO Simon Minshall.
