British Reserve Insurance Company Limited (BRIC) has sealed a property and casualty (P&C) legacy deal with its previous owner, Allianz.
The new transaction with BRIC – which was acquired last year by Malta-headquartered European P&C insurance run-off group Marco Capital Holdings Limited – relates to the transfer of the remaining risks in Allianz Suisse’s UK branch underwritten by Mr R.W. Gibbon.
Commenting on the ‘Gibbon Pool’ deal, financial terms of which were not disclosed, Marco chief executive Simon Minshall stated: “I am pleased to announce this important transaction which provides a risk and operational solution for Allianz.
“Marco offers solutions to P&C (re)insurance carriers which may have a risk, capital, and/or operational dimension – we seek to provide a valuable service to our clients.”
The run-off solutions provider came to life in 2020 and consists of BRIC in the UK, VA Insurance Services Limited in the Isle of Man, and protected cell company Marco Insurance PCC Limited in Malta.
