Marco Capital Holdings Limited, a European property and casualty (P&C) insurance run-off group, has announced the completion of its acquisition of Inceptum Insurance Company Limited.
Inceptum, a UK-based non-life insurer in run-off, was acquired from Randall & Quilter (R&Q) II Holdings Ltd, under the direction of joint administrators from Teneo Financial Advisory Limited. The transaction, which has now closed, received all necessary regulatory approvals.
Simon Minshall (pictured above), CEO of Marco, stated that the acquisition would bring financial and operational stability to what he described as a complex and challenging situation.
“The acquisition of Inceptum, a company itself in run-off, by Marco brings financial and operational stability to a complex and challenging situation for the benefit of all stakeholders. Executing a deal in such a complex situation is an example where Marco’s technical skills, experience, track record and outstanding reputation are essential,” Minshall said.
The acquisition was announced earlier this year, with R&Q noting that the “transaction also includes and is subject to the completion of certain reinsurance agreements, between R&Q entities, Accredited Insurance Europe Ltd, and R&Q Re (Bermuda) Ltd and Inceptum being novated to Marco Re Limited.”
Along with the transfer of related reinsurance arrangements, the agreement with Marco spans the sale of all shares of Inceptum. As of December 31, 2023, Inceptum’s estimated net assets stood at £19 million, although it incurred a loss of £2 million for the year ending on that date.
Inceptum, which R&Q acquired in 2020, previously traded as HSBC Insurance (UK) until 2011. The majority of its claims portfolio is motor and UK employers’ liability.
Marco Capital operates as a consolidator of P&C legacy solutions and its portfolio includes International Marco Re Limited, Lloyd’s Marco RITC Syndicate 1254, British Reserve Insurance Company Limited in the UK, and Marco Insurance PCC Limited in Malta, serving EU markets.
The group also owns PoloWorks, an insurance outsourcing services provider employing 375 specialists in the UK. PoloWorks delivers services through its subsidiaries: Polo Commercial Insurance Services, Polo Managing Agency, Polo Insurance Managers, and PoloPartners.
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