Marco Capital Holdings Limited has announced its acquisition of R&Q Gamma Company Limited, a UK-based legacy insurance vehicle. R&Q Gamma, originally known as The Royal London General Insurance Company Ltd, entered run-off in 1999 and was acquired by R&Q Insurance Holdings Ltd in 2016 to consolidate run-off portfolios in the UK.
Between 2016 and 2020, R&Q Gamma engaged in loss portfolio transfers involving several companies, including The United Kingdom Mutual Steam Ship Association Ltd, commonly referred to as the UK P&I Club. The company’s remaining liabilities are primarily linked to the UK P&I Club and relate to Occupational Disease and Workers’ Compensation claims covering maritime and port workers.
Marco Capital’s Expansion in Legacy Insurance
Marco Capital has been actively expanding its presence in the European legacy insurance market since its launch in 2020, backed by €500 million in equity from funds managed by Oaktree Capital Management. The company has grown its footprint significantly, accumulating more than €700 million in reserves tied to discontinued or run-off portfolios.
Key Aspects of the Acquisition
- Marco Capital’s third transaction supporting R&Q’s policyholder obligations
- R&Q Gamma’s liabilities mainly related to maritime and port workers’ claims
- Marco’s insurance operations include Polo Managing Agency, which provides turnkey services for legacy portfolios
- The acquisition demonstrates Marco’s capacity to assume and administer complex run-off liabilities
Marco Capital’s CEO, Simon Minshall, stated that this transaction marks the third time the group has supported R&Q’s policyholders. Marco’s insurance operations, including Polo Managing Agency, play a crucial role in the group’s ability to manage these legacy liabilities.
The acquisition is part of Marco Capital’s strategic expansion in the legacy insurance sector, building on its capabilities to manage complex run-off portfolios across multiple jurisdictions.
