Lloyds Council has given policy approval to Marco Capital Holdings Limited to establish a reinsurance to close (RITC) or run-off syndicate, allowing European groups to participate and quote RITC and other run-off opportunities in the market.
“I am delighted to announce this important milestone in Marco’s development,” said Simon Minshal, Marco’s chief executive.
“Lloyds represents a major marketplace for P&C (property and casualty) run-off transactions – consisting of RITC (which is unique to Lloyd’s) and other legacy business solutions written by Lloyd’s Syndicate.”
Minshal added: “We are delighted to have reached this stage early in Marco’s history. Lloyd’s approval gave legitimacy to Marco’s professional approach and his excellent reputation. This is an important step in the development of our franchise. ”
The Malta-headquartered run-off solution provider was formed in 2020.
Meanwhile, the RITC Syndicate’s formal approval is subject to completion of Lloyd’s “Making It Happen” review for new entrants.