Marco Insurance PCC Limited can now operate as a property and casualty insurance and reinsurance company.

Licensed for all 18 classes of non-life insurance and reinsurance, Malta-based Marco Insurance PCC is a subsidiary of Marco Capital Holdings Limited (Marco) – the European P&C insurance run-off group that acquired British Reserve Insurance Company Limited from Allianz UK in 2020.

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“I am delighted to announce that the Malta Financial Services Authority has authorised and approved Marco Insurance PCC Limited,” said Simon Minshall, chief executive of the parent firm. “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.”

Set up as a protected cell company, Marco Insurance PCC will act as the group’s lead insurer for European Union business under EU freedom of services regulations.