Valletta, Malta (CU)_ Malta-based European property and casualty (P&C) insurance run-off group Marco Capital Holdings Limited, which was founded last August, has purchased the VA Insurance Services Limited (VAISL) from Thomas Cook Group Treasury Limited. This is Marco’s first acquisition of a captive, since its inception in 2020.
Simon Minshall, Marco chief executive, declared the new acquisition. He said, “I am pleased to announce the acquisition of VAISL – Marco’s first acquisition of a captive. While the P&C legacy sector has recently seen a shift of activity towards capital relief-based transaction, providing strategic solutions is a fundamental service Marco offers and is a core pillar in Marco’s strategy.”
After the regulatory approval from the Isle of Man Financial Services Authority, the acquisition is now complete. However, the financial specifics of the purchase were not revealed. The former owner of VAISL is in the process of liquidating the company.
Marco provides reinsurance and finality solutions and is supported by funds managed by Oaktree Capital Management, L.P. Marco Insurance PCC Limited, a branch of the company, recently received a license for 18 non-life insurance and reinsurance classes. According to the European Union freedom of services regulations, it will also operate as a lead insurer of Marco for EU business.
When the license was granted, Simon Minshall said, “I am delighted to announce that the Malta Financial Services Authority has authorised and approved Marco Insurance PCC Limited. This essential step in Marco’s development comes at a time of substantial change in the European P&C Legacy sector. Marco is well placed to offer attractive and competitive solutions to facilitate greater risk, capital and operational efficiency within European P&C, enabling insurance groups to place even more emphasis on new business opportunities”.
