Business

Allianz sells BRIC to Marco Capital Holdings

The insurance giant said the agreement aligned with its strategy of simplifying its business

Allianz Insurance has announced the sale completion of British Reserve Insurance Company (BRIC) to Marco Capital Holdings.

Marco Capital Holdings is a subsidiary of Marco Capital Group, a European P&C run-off group.

The insurance giant purchased BRIC and its musical insurance portfolio in 1987 and continued to underwrite Allianz musical insurance products until 2014, however since then BRIC has been in run-off.

BRIC is an authorised UK non-life insurance carrier and has been bought to help Marco in providing reinsurance solutions.

The transaction will also assist Marco to offer finality by acquiring portfolios of non-life insurance loss reserves.

The sale has received all required regulatory approvals.

Simon Minshall, CEO of Marco, said: “BRIC, Marco’s first UK transaction, provides Marco with an excellent underwriting platform for P&C Legacy transactions in the UK and the London Market.

“Our growing professional team, experienced in both Legacy and Live P&C, supported by our outsourcing partners enables Marco to offer innovative and competitive solutions to our counterparties.”

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