Marco Capital Holdings Limited, a European property and casualty (P&C) settlement specialist, has merged former Credit Suisse reinsurers ILS, Kelvin Re and Guernsey-based Humboldt Re, under the new Marco Re brand, following approval from the Guernsey Financial Services Commission in December. from last year.
Now merged under the Marco Re name, the airline becomes the largest in the Marco Capital Group with “substantial financial strength” and benefits from the economies of scale of the merger, as both Humboldt Re and Kelvin Re had books of similar businesses.
Marco Re will cease trading with ILS and will now be used as a typical reinsurance company in liquidation.
Marco Re's management will be led by Mark Elliot, who is supported by a senior team based in Guernsey and Marco's specialist insurance services business, Polo Commercial Insurance Services (PCIS).
“We are delighted to have efficiently brought together two 'sister' reinsurance companies in liquidation and are excited that Marco Re offers its clients competitive reinsurance solutions for international P&C Legacy solutions,” said Elliot, CEO ( CEO) of Marco Re. .
Simon Minshall, chief executive of Marco Capital Group, added: “Marco Re has a substantial capital base, which can be supplemented for legacy transactions as required, and is managed conservatively benefiting from internal economies of scale arising from its recent merger. and the services provided by PCIS.
“Marco Re is a powerful tool available to our clients seeking international P&C Legacy solutions.”