Marco Capital Group has finalized a reinsurance to close (RITC) transaction with Coverys Syndicate 1975, effective January 1, 2025.
The transaction, underwritten by Marco’s RITC Syndicate 1254 and managed by Polo Managing Agency (PMA), covers Syndicate 1975’s 2022 and prior years of account. Lloyd’s has approved the agreement, which is now closed.
Marco Capital’s chief executive officer Simon Minshall (pictured above) said that the transaction highlights the company’s ability to handle complex transactions. Marco provides a full range of run-off solutions to Lloyd’s syndicates.
Polo, an independent Lloyd’s turn-key managing agent, assumed management of Coverys Syndicate 1975 in 2023. The syndicate, which specializes in medical professional lines, was scheduled to novate to Polo on October 2, 2023.
As part of the deal, Coverys Managing Agency Limited (Coverys) decided in late 2021 to close its Lloyd’s operations, including placing Syndicate 1975 into run-off. The company opted to transition its business to a UK-regulated platform.
As part of this shift, Coverys’ management also explored options for overseeing the run-off process and selected Polo to provide managing agent services.
Under the agreement, Coverys remains responsible for claims administration and any necessary policy endorsements for Syndicate 1975, while Polo manages agent activities and oversight.
The arrangement also ensures that Coverys’ interactions with brokers and clients remain unchanged.
Outside of the RITC, Polo also announced the launch of a Category 4 commercial general reinsurer, Clockwork Re, earlier this year.
Clockwork Re was founded by Dhruv Patel, who is also a capital provider at Lloyd’s, Association of Lloyd’s Members director, and High Premium Group deputy chairman.
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