Marco Capital, the P&C legacy consolidator and parent of PoloWorks, has agreed to acquire Pro Global, subject to regulatory approval, in a deal that will combine the two into one of the industry's largest specialist insurance services businesses spanning Lloyd's, the London Market and international insurance markets.
Once completed, the combined group will operate through 15 offices and around 1,400 employees across the UK, Europe, North America, Latin America and Australasia.
Marco Capital said the deal represents a significant milestone in its strategy to build an integrated legacy insurance and insurance services group with an expanded global client offering and a genuinely diversified income stream.
The deal is notable for reuniting firms with a common origin.
Pro Global was founded in Gloucester in 1993 as a run-off services provider and has grown into a leading provider of outsourced services to the London Market, working with the majority of the largest Lloyd's syndicates, the five largest global reinsurers and several P&C insurers worldwide from offices in London, New York, Cologne, Buenos Aires and Sao Paulo.
PoloWorks traces its own roots to Capita Insurance Services and its Lloyd's platform Capita Managing Agency, which Marco Capital acquired in 2022 and rebranded, meaning both businesses share overlapping origins in the same corner of the London Market services industry despite having developed under different ownership since.
Marco Capital said the combination brings together complementary regulated platforms spanning Polo Managing Agency, Polo Insurance Managers and Pro MGA, alongside Pro Global's international footprint and offshore delivery capabilities, extending the new group's reach across the full insurance lifecycle from formation through growth, optimisation, transformation and financial solutions.
This is not Marco Capital's first move to expand PoloWorks since acquiring it. The group has previously formed Polo Insurance Managers in Guernsey to serve captive, commercial and ILS clients, and launched PoloPartners, a joint venture with PwC UK focused on end-to-end insurance management services including actuarial, claims and compliance work, initially targeting captive solutions following Lloyd's recent captives initiative.
Marco Capital's Guernsey-based legacy platform, Marco Re, also received an A- financial strength rating from AM Best, which chief executive Simon Minshall has described as a differentiator against unrated legacy rivals.
Simon Minshall (pictured left) said Marco Capital has re-engineered PoloWorks since acquiring it in 2022 through new marketing initiatives, competitive customer propositions and leadership changes, and that Pro Global represents a natural strategic fit bringing an impressive team, complementary capabilities and a strong international footprint. He said the combination creates a stronger proposition for clients, broader opportunities for colleagues, and a platform with the scale to keep investing in technology, innovation and operational excellence.
Paul Andrews (pictured right), chief executive of PoloWorks, said Pro Global is an exceptional strategic fit that accelerates the group's growth strategy and expands what it can offer clients across a wider range of markets and services, adding that the Polo team has made an extraordinary effort in bringing PoloWorks to this point.
Steve Lewis, chief executive of Pro Global, said the deal marks an exciting new chapter for the business, having built a strong client base and exceptional team over more than three decades, with joining PoloWorks giving Pro Global an opportunity to build on those strengths while keeping its focus on client service and opportunities for its people.
The scale of this combination, 1,400 employees across five continents, puts real weight behind Marco Capital's stated ambition to build a diversified insurance services ecosystem rather than a narrower legacy-focused business.
What makes the deal distinctive is less the acquisition itself and more the fact that it reunites two businesses that started from the same institutional lineage in the London Market services space, then grew apart under different ownership structures before ending up back under one roof.
For clients of either business, the practical test will be whether that shared cultural background translates into a smoother integration than the market typically sees in services consolidation deals, where combining platforms, systems and client relationships across five continents is rarely as straightforward as the announcement suggests.
