Marco Re launches from merger of former Credit Suisse ILS reinsurers

Marco Capital Holdings Limited, a European property and casualty (P&C) run-off specialist, has merged Guernsey based, former Credit Suisse ILS reinsurers Kelvin Re and Humboldt Re under the new brand Marco Re, following approval from the Guernsey Financial Services Commission in December of last year.

Marco Capital acquired Humboldt Re in late 2021 and Kelvin Re in mid 2023. Both were former Credit Suisse Insurance-Linked Strategies supported rated reinsurance carriers, which were shuttered by the firm in late 2020 amid a strategic decision taken by the ultimate institutional investors behind them.

Now merged under the name Marco Re, the carrier becomes the largest in the Marco Capital Group with “substantial financial strength” and benefits from economies of scale from the merger, as both Humboldt Re and Kelvin Re had similar books of business.

No longer doing ILS business, Marco Re will now be used as a typical run-off reinsurance company.

The management of Marco Re will be led by Mark Elliot who is supported by a senior team based in Guernsey, and Marco’s specialty insurance service company, Polo Commercial Insurance Services (PCIS).

“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 solutions,” said Elliot, Chief Executive Officer (CEO), Marco Re.

Simon Minshall, Marco Capital Group CEO, added, “Marco Re has a substantial capital base, which can be supplemented for Legacy transactions as required, and is managed conservatively benefiting from internal economics of scale derived from its recent merger and services provided by PCIS.

“Marco Re is a powerful tool available to our clients seeking international P&C Legacy solutions.”