Marco Re launches as new brand of recently merged reinsurance subsidiaries
Marco Re launches as new brand of recently merged reinsurance subsidiaries | Insurance Business Canada
Reinsurance
Marco Re launches as new brand of recently merged reinsurance subsidiaries
New CEO for entity also announced
Reinsurance
By
Kenneth Araullo
Marco Capital Holdings Limited has announced the launch of Marco Re, a merger of its Guernsey subsidiaries Humboldt Re and Kelvin Re.
The consolidation positions Marco Re as Marco Capital’s leading international property and casualty (P&C) reinsurance platform for legacy business. The merger, which received approval from the Guernsey Financial Services Commission, aims to leverage economies of scale and enhance service offerings in the P&C legacy sector.
Humboldt Re and Kelvin Re were originally formed and managed under Credit Suisse ILS. Mark Elliott, previously leading the management of the individual entities, continues as CEO of the newly formed entity.
“We are delighted to have efficiently brought together two ‘sister’ reinsurance companies in run-off and are excited that Marco Re offers its clients competitive reinsurance solutions for international P&C legacy situations,” Elliott said.
The firm operates within the European P&C legacy solutions market, with a strategic focus on acquiring non-core and discontinued business portfolios to optimize balance sheets and manage operational risks for re/insurance carriers.
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