BRIC offers insurance services for musical instruments, including stringed, woodwind, electronic and digital musical instruments
Marco to acquire BRIC from Allianz. (Credit: Tumisu from Pixabay.)
Insurance run-off specialist Marco Capital has agreed to acquire UK-based non-life insurance firm British Reserve Insurance Company (BRIC) from Allianz Insurance for an undisclosed amount.
Allianz Insurance is a UK-based company offering insurance product and services including home, car, commercial property, engineering, musical instruments, liability, and travel insurance services.
Marco said that the transaction, which is subject to regulatory approval, is expected to provide the basis for its regulated platform for future run‐off transactions in the UK market.
BRIC, established in 1935, has become a part of Allianz in 1986, following the acquisition of Cornhill Insurance. The firm offers insurance services for musical instruments, including stringed, woodwind, electronic, and digital musical instruments.
The company began operations as an insurance underwriter, and stopped writing new business in 2015 and is maintaining its operational and financial risk at lowered levels.
Through the acquisition, BRIC is expected to provide Marco with an authorised UK non-life insurance carrier to facilitate the acquisition of non-life insurance loss reserves portfolios through reinsurance or Part VII Transfer, resulting in the growth of its UK run-off business.
Marco is a European P&C Run-Off solutions provider offering finality solutions to carriers
Marco’s strategy for property and casualty insurance (P&C) business in Europe includes Run-Off business opportunities located in or obtained from the UK, Lloyd’s of London and Continental Europe.
The company is a P&C Run-Off solutions provider, offering finality solutions to carriers for discontinued business, balance sheet optimisation and other services through the purchase of loss reserve portfolios via reinsurance and entity acquisitions.
The firm is backed by €500m initial committed equity capital, combined with ancillary own funds, and would serve carriers in the European P&C arena, with its €750m ‘dry powder equity’.
Marco CEO Simon Minshall 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.”