Marco Capital Holdings Limited – European P&C insurance run-off group – today announced that Lloyd’s has granted Marco’s RITC Syndicate 1254 Permission to Underwrite. Completion of this formal approval process enables Marco to provide RITC and deliver legacy portfolio transactions of other Lloyd’s syndicates.
Syndicate 1254 is managed by CMA (Capita Managing Agency) an independent managing agency which manages third party syndicates at Lloyd’s, supported by CCIS (Capita Commercial Insurance Services), a leader in providing outsourced services at Lloyd’s and in the London Market. Marco is in the process of acquiring both CMA and CCIS from Capita plc, subject to regulatory approval.
Simon Minshall, CEO of Marco, said “RITC/run-off activity within Lloyd’s is currently the most active venue for P&C Legacy carriers to transact and I am delighted to announce that Marco has secured approval for Syndicate 1254, which provides the group with additional capability to provide the full range of run-off solutions to Lloyd’s syndicates. This completes the formation of Marco’s platform for delivering non-life Legacy solutions in the European arena. Entry into Lloyd’s with the ability to transact is a cornerstone of Marco’s valuable European platform”.