British Reserve Insurance Company Limited (BRIC), which ceased to underwrite business about half a decade ago, will be offloaded by Allianz Insurance Plc.
According to Allianz UK, it has agreed to sell BRIC to property and casualty (P&C) run-off group Marco Capital Holdings Limited for an undisclosed amount. The sale is subject to regulatory approval.
“This agreement aligns with our strategy of simplifying our business,” said Allianz Insurance in a brief statement.
After being acquired in 1997, BRIC continued to underwrite Allianz musical insurance products until 2014. It has been in run-off since Allianz Insurance started to underwrite the policies directly.
An earlier solvency and financial condition report (SFCR) for BRIC noted that the run-off entity made a profit of £18,000 from underwriting activities, as well as an £84,000 profit from investment activities, in 2019.
The SFCR seen by Insurance Business reads: “BRIC ceased to underwrite business during 2015, the remaining material lines of business are annuities stemming from non-life insurance contracts and relating to insurance obligations other than health insurance obligations and non-proportional marine, aviation, and transport reinsurance.
“The only material geographical area in which the company carries out business is the United Kingdom.”
Meanwhile Malta-headquartered Marco entered the European run-off market this week, launching with €500 million (around £450.6 million) in committed initial equity capital to pursue P&C run-off opportunities located in or emanating from the UK, Lloyd’s of London, and Continental Europe.