Marco announces the acquisition of British Reserve Insurance Company Ltd from Allianz Insurance plc
25.8.2020 09:00:00 EEST | Business Wire | Press release
Marco Capital Holdings Limited (“Marco”) - Europe’s newest P&C Run-off group - today announced that it has agreed to purchase British Reserve Insurance Company Ltd (“BRIC”), a UK non-life insurance company, from Allianz. The transaction is subject to regulatory approval.
The transaction provides the basis of Marco’s regulated platform for future run‐off transactions in the UK/London Market. The acquisition of BRIC will provide Marco with an authorised UK non-life insurance carrier suitable for acquiring portfolios of non-life insurance loss reserves through reinsurance or Part VII Transfer, thereby building its UK run-off business.
Established in 1935, BRIC became part of Allianz shortly after the acquisition of Cornhill Insurance in 1986. BRIC ceased writing new business in 2015 and carries a low level of operational and financial risk.
Simon Minshall, CEO of Marco, said “I am delighted to announce the acquisition of BRIC as Marco’s first transaction, subject to regulatory approval, as this provides Marco with an excellent underwriting platform for P&C Run-Off transactions in the UK companies market”.
Marco’s Europe focused P&C strategy includes Run-Off business opportunities located in or sourced from the UK, Lloyd’s of London and Continental Europe.
Marco
Marco is a European P&C Run-Off solutions provider headquartered in Malta. The group offers finality solutions to carriers for discontinued business, balance sheet optimisation and other purposes by acquiring loss reserve portfolios, through reinsurance and acquisitions of entities. Supported by €500m initial committed equity capital, to be augmented with ancillary own funds, with €750m ‘dry powder equity’ Marco offers a leading proposition to carriers seeking finality solutions in the European P&C arena. Funds managed by Oaktree Capital Management, L.P. “Oaktree” are Marco’s Founding Investors.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200824005682/en/
Contact information
Press Contact
Jonathan Walker
+44 777 184 4367
jwalker@marcocapital.net
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Grupo Salinas Selects Integral Digital to Power Coinpro’s Institutional Digital Asset Trading Desk3.9.2026 18:01:00 EEST | Press release
Integral, a leading currency technology provider, today announced that Grupo Salinas, through COINPRO, has selected Integral Digital as the technology infrastructure for Coinpro’s institutional digital asset trading desk. The desk is designed to serve corporate and institutional clients seeking to buy or sell digital assets against fiat currencies. Its wholesale model will support exchanges, digital asset companies and other businesses that require institutional pricing, liquidity and execution. Integral Digital will provide Coinpro with a single environment for liquidity aggregation, price formation, order and position management, risk controls and real-time analytics across digital assets and fiat currencies. By automating these functions, Coinpro will be able to quote and execute institutional transactions more efficiently and scale its operations as client demand grows. The infrastructure may also support institutional use cases that require efficient conversion between digital ass
Energy Vault Accelerates 125 MW / 1 GWh Stoney Creek BESS Toward Construction with Full Project Land Acquisition Milestone in Australia3.9.2026 17:40:00 EEST | Press release
Energy Vault Holdings, Inc. (NYSE: NRGV) (“Energy Vault” or the “Company”), a global energy infrastructure company supporting grid reliability and next-generation AI and high-performance computing infrastructure, today announced the completion of the acquisition of the underlying project land for the 125 MW / 1 GWh Stoney Creek Battery Energy Storage System (“BESS”) in Northern New South Wales, Australia. The land, which was previously secured under an agreement for lease, is now owned by Energy Vault following receipt of the required Foreign Investment Review Board (“FIRB”) approval. The transaction represents an important development milestone for Stoney Creek, securing long-term site control and further de-risking the project as it advances toward construction. Construction of the Stoney Creek BESS is expected to commence in Q1 2027, with commercial operations targeted for H1 2028, subject to final approvals. The project is supported by a 14-year Long-Term Energy Service Agreement (
The Estée Lauder Companies Announces Brand Leadership Appointments3.9.2026 17:37:00 EEST | Press release
The Estée Lauder Companies Inc. (NYSE: EL) today announced several brand leadership appointments following the upcoming retirement of Sandra Main, Global Brand President, La Mer and Skin Care Brands. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260902005552/en/ Justin Boxford, Global President, Luxury Beauty Brands, Erica Kwok, Senior Vice President and General Manager of Estée Lauder, and Magalie Parksuwan, Senior Vice President and General Manager, La Mer Justin Boxford will assume the newly established role of Global President, Luxury Beauty Brands, expanding his portfolio to include La Mer alongside Estée Lauder, AERIN, Darphin Paris and Lab Series. Justin brings extensive experience with La Mer, having led the brand from 2017 to 2022 before assuming leadership of Estée Lauder. During his tenure, he expanded and diversified La Mer’s product portfolio, strengthened its luxury architecture and advanced the brand’s presen
HTEC Momentum Extends Award-Winning UX Track Record with Two UX Design Awards Honors3.9.2026 15:18:00 EEST | Press release
HTEC Momentum, the product and design practice within HTEC Group, has earned honors at the UX Design Awards 2026 for its work with Zingtree and the National Society Daughters of the American Revolution (DAR). Presented by the International Design Center Berlin (IDZ), the global competition celebrates excellence in user experience design across industries, with the 2026 shortlist including 195 projects across 46 countries. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260903181166/en/ HTEC Momentum, the product and design practice within HTEC Group, has earned honors at the UX Design Awards 2026 for its work with Zingtree and the National Society Daughters of the American Revolution (DAR). Presented by the International Design Center Berlin (IDZ), the global competition celebrates excellence in user experience design across industries, with the 2026 shortlist including 195 projects across 46 countries. Honored in the product
Former SADA Executive Lusine Yeghiazaryan Joins Picsart as CFO to Drive AI-Native Video Growth Strategy3.9.2026 15:00:00 EEST | Press release
Picsart, the AI media production and distribution platform, where 100M+ creators and businesses worldwide make, market and monetize content, today announced the appointment of Lusine Yeghiazaryan as Chief Financial Officer. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260903569581/en/ Picsart, the AI media production and distribution platform, where 100M+ creators and businesses worldwide make, market and monetize content, today announced the appointment of Lusine Yeghiazaryan as Chief Financial Officer. Yeghiazaryan joins Picsart at a pivotal chapter in its evolution, as the company expands beyond its roots as a leading creative platform to build a video-first, AI-powered production ecosystem. Already in motion, Picsart users created over 1.1B AI videos and images since launch, with YTD AI usage up 270% year over year - underscoring the company’s accelerating push to capture a larger share of the fast-growing AI content m
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom