Marco Capital (Marco), a European property and casualty (P&C) insurance run-off group, has purchased VA Insurance Services Limited (VAISL).
VAISL, an Isle of Man-based captive non-life insurance company, was purchased from Thomas Cook Group Treasury, which is in liquidation.
The transaction has received regulatory approval from the Isle of Man Financial Services Authority (IOMFSA) and has now completed.
In February, Finance Isle of Man, the executive agency dedicated to further developing the Island’s financial services sector, launched a digital marketing campaign to promote its captive insurance offering.
Commenting on the deal, Simon Minshall, CEO of Marco, says: “I am pleased to announce the acquisition of VAISL — Marco’s first acquisition of a captive.”
“While the P&C Legacy sector has recently seen a shift of activity towards capital relief based transactions, providing strategic solutions is a fundamental service Marco offers and is a core pillar in Marco’s strategy,” he adds.
Marco Capital launched in Europe’s P&C run-off market in August last year.
Based in Malta, Marco Capital seeks run-off opportunities located in or sourced from Continental Europe, the UK and Lloyd’s of London.
