Marco Capital Holdings Limited, the Malta-headquartered European property and casualty (P&C) insurance run-off group that was born last August, has snapped up VA Insurance Services Limited (VAISL) from Thomas Cook Group Treasury Limited.
“I am pleased to announce the acquisition of VAISL – Marco’s first acquisition of a captive,” said Marco chief executive Simon Minshall. “While the P&C legacy sector has recently seen a shift of activity towards capital relief-based transaction, providing strategic solutions is a fundamental service Marco offers and is a core pillar in Marco’s strategy.”
The purchase, financial terms of which were not disclosed, is now finalised following the regulatory nod by the Isle of Man Financial Services Authority. VAISL’S previous owner is in liquidation.
Backed by funds managed by Oaktree Capital Management, L.P., Marco offers reinsurance and finality solutions. Recently, its subsidiary Marco Insurance PCC Limited was granted the licence for 18 classes of non-life insurance and reinsurance. It will, under European Union freedom of services regulations, act as Marco’s lead insurer for EU business.
