Marco Capital enters into an agreement to acquire Pro Global, subject to regulatory approval, in a transaction that will combine the specialist insurance services business with PoloWorks. PoloWorks operates four divisions, among them Polo Insurance Managers, an independent insurance manager serving captive, commercial and insurance-linked securities clients. Marco Capital says the combined organisation will provide access to regulated platform solutions across Lloyd’s syndicates, MGAs, captives and other specialist insurance structures, alongside its legacy solutions. The combined organisation will operate through 15 offices and approximately 1,400 employees across the UK, Europe, North America, Latin America and Australasia. Marco Capital is a property and casualty legacy consolidator and the parent of PoloWorks. Pro Global advises insurers, brokers, reinsurers, MGAs and delegated business providers, working across underwriting, claims, audit, broker operations, finance and delegated authority environments. Marco Capital says Pro Global and PoloWorks share a common origin, and that the transaction reunites two businesses with similarities in scope of services and corporate cultures. Clients of Polo Managing Agency, Polo Insurance Managers and Pro MGA will see augmented service quality and choice, according to the acquirer, while Pro Global’s international footprint and offshore delivery capabilities will extend the reach of the new group. Simon Minshall, group CEO of Marco Capital Group, says: “Our objective is simple, to provide clients with the highest quality specialist insurance services. Pro Global is a natural strategic fit, bringing an impressive team, highly complementary capabilities and a strong international footprint. “The combination creates a stronger proposition for clients, broader opportunities for our colleagues and a platform with the scale to continue investing in technology, innovation and operational excellence.” Paul Andrews, CEO of PoloWorks, says: “Pro Global is an exceptional strategic fit for PoloWorks. Importantly, this is not simply an acquisition of services capability, it accelerates our growth strategy and expands what we can offer clients across a wider range of markets and services. “Pro Global brings outstanding people and specialist knowledge. It is a business we have admired for some time and one that fits naturally alongside PoloWorks.” Steve Lewis, CEO of Pro Global, says: “This marks an exciting new chapter for Pro Global. We have built a fantastic business with exceptional people and strong client relationships, and joining PoloWorks gives us an opportunity to build on those strengths. “Most importantly, our focus remains exactly where it has always been, delivering outstanding service for our clients while creating exciting opportunities for our people and the future of the business.” Marco Capital holds US$550 million in committed equity capital, with majority investors being funds managed or advised by Oaktree Capital Management. Financial terms of the transaction are not disclosed.
