Marco Capital Holdings Limited has announced the acquisition of R&Q Gamma Company Limited, a UK-based legacy insurance vehicle.
R&Q Gamma, originally known as The Royal London General Insurance Company Ltd, entered run-off in 1999. It was acquired by R&Q Insurance Holdings Ltd in 2016 to serve as a platform for consolidating run-off portfolios in the UK.
Between 2016 and 2020, R&Q Gamma engaged in loss portfolio transfers involving the Solicitors Indemnity Mutual Insurance Association Ltd, Anglo French Insurance Company Ltd, and The United Kingdom Mutual Steam Ship Association Ltd, commonly referred to as the UK P&I Club.
The company’s remaining liabilities are largely linked to the UK P&I Club and relate to Occupational Disease and Workers’ Compensation claims, covering maritime and port workers.
Marco Capital has been actively expanding its presence in the European legacy insurance market since its launch in 2020, backed by €500 million in equity from funds managed by Oaktree Capital Management.
Over the past few years, Marco has grown its footprint significantly, amassing more than €700 million in reserves tied to discontinued or run-off portfolios.
Marco Capital’s CEO, Simon Minshall (pictured above), said that this transaction marks the third time the group has supported the continuity of R&Q’s policyholder obligations.
“This is now the third time Marco has provided assistance in stabilising and securing R&Q policyholders’ interests, following the acquisition of Inceptum, an R&Q subsidiary in run-off, and management of R&Q Syndicate 1110 by Polo Managing Agency in 2024,” he said.
Polo Managing Agency, a Marco-owned entity, plays a central role in the group’s operations within the Lloyd’s market. In addition to managing syndicates such as Syndicate 1254, Polo provides turnkey and outsourced services to legacy portfolios and active underwriters.
The firm has over 250 personnel covering functions including claims handling, compliance, finance, actuarial, and underwriting operations. These capabilities support Marco’s ability to assume and administer complex run-off liabilities across multiple jurisdictions.
In 2023, Marco consolidated its two Guernsey-based reinsurers – Humboldt Re and Kelvin Re – under a single entity known as Marco Re. This strategic move aimed to streamline the group’s reinsurance operations and harness scale efficiencies in servicing discontinued insurance books.
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