RITC (reinsurance to close) Syndicate 1254 has now been granted permission to underwrite, completing the formal approval process at Lloyd’s.
“RITC/run-off activity within Lloyd’s is currently the most active venue for P&C (property and casualty) legacy carriers to transact,” noted Marco Capital Holdings Limited chief executive Simon Minshall, “and I am delighted to announce that Marco has secured approval for Syndicate 1254, which provides the group with additional capability to provide the full range of run-off solutions to Lloyd’s syndicates.
“This completes the formation of Marco’s platform for delivering non-life legacy solutions in the European arena. Entry into Lloyd’s with the ability to transact is a cornerstone of Marco’s valuable European platform.”
The new RITC syndicate is managed by Capita Managing Agency, which is in the process of being acquired by Marco from Capita Plc.
