Allianz agrees sales of BRIC to Marco Capital Holdings
Allianz Insurance purchased BRIC and its musical insurance portfolio in 1997
Allianz Insurance has agreed to the sale of British Reserve Insurance Company Limited (BRIC) to Marco Capital Holdings Limited, a European P&C run-off group.
According to Allianz, this agreement aligns with its strategy of “simplifying” its business. The transaction is subject to regulatory approval.
Allianz Insurance purchased BRIC and its musical insurance portfolio in 1997. BRIC then continued to underwrite Allianz musical insurance products until 2014, when Allianz Insurance began to underwrite the policies directly. Since then BRIC has been in run-off.
Last week (19 August), Allianz Benelux and Monument Re agreed a deal to transfer a closed book of classical life retail insurances together with 4,500 mortgage loans to Monument Assurance
The transaction includes a portfolio of 95,000 policies with technical provisions of €1.4bn (£1.2bn) under Solvency II. Allianz stopped writing new business for this portfolio early 2000s. The classic life Assubel contracts which were underwritten prior to 1988 are out of scope.
Allianz and Monument said its priority is to “minimise the impact” of the transfer for both clients and brokers. Therefore, Allianz added it “remains committed” to continue providing high quality services to clients over a period of 18 months and ensuring a seamless transfer of the portfolio.