European P&C run-off group Marco Capital has agreed to acquire Benteler Reinsurance Company DAC. The deal remains subject to regulatory approval.
Benteler Re, established in Ireland in January 2003, operates as a captive reinsurance company. It is wholly owned by the Benteler Group, a global supplier with approximately 90 locations worldwide. The Benteler Group, founded in 1876, serves the automotive, industrial, and energy sectors.
Marco’s CEO, Simon Minshall, said the acquisition will help the Benteler Group streamline its insurance arrangements.
“The acquisition of Benteler Re provides a useful solution to the Benteler Group in rationalizing its group insurance arrangements,” Minshall said. He also said that Marco is open to acquiring entities that are no longer central to their parent businesses, noting that this transaction demonstrates the value Marco offers to its clients.
Financial terms of the transaction were not disclosed.
Marco Capital’s portfolio includes PoloWorks, an insurance outsourced services provider that employs more than 375 insurance specialists in the UK. PoloWorks delivers a range of services through subsidiaries such as Polo Commercial Insurance Services, Polo Managing Agency, Polo Insurance Managers, and PoloPartners.
Marco has US$550 million in committed equity capital and offers solutions for carriers seeking finality and balance sheet optimization. PoloWorks provides outsourced insurance services to 40% of Lloyd’s and London Market operators, including new entrants, managing general agents, and established insurance clients.
Marco Capital also recently expanded its portfolio by acquiring R&Q Gamma Company Limited, a UK-based legacy insurance vehicle. This acquisition brought in liabilities related to maritime and port worker claims from the UK P&I Club, further strengthening Marco’s position in the legacy insurance sector.
R&Q Gamma, previously known as The Royal London General Insurance Company Ltd, had entered run-off in 1999 and was later acquired by R&Q Insurance Holdings Ltd in 2016 to serve as a platform for consolidating run-off portfolios in the UK.
This acquisition marks the third time Marco has supported R&Q’s policyholder obligations, following its acquisition of Inceptum and the management of R&Q Syndicate 1110 by Polo Managing Agency in 2024.
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