European property and casualty (P&C) insurance run-off group Marco Capital Holdings has announced its acquisition of Navigators International Insurance Company (NIIC) from its previous parent company, The Hartford Financial Services Group. The transaction is still pending and subject to regulatory approval.
A UK-based insurance company, NIIC is authorised by the Prudential Regulation Authority and the Financial Conduct Authority. It was established by The Navigators Group, which was acquired by The Hartford in 2019.
Completing The Hartford’s exit from Continental Europe
NIIC has a small amount of legacy business based in run-off, which comprises property and casualty, marine, and professional liability insurance business. These are predominantly based in Continental Europe, within the countries of Belgium, France, Italy, the Netherlands, and Spain as well as the UK.
Marco Capital’s purchase completes The Hartford’s exit from Continental Europe. That said, The Hartford will continue to serve the international market through its NIC UK Branch and Hartford Syndicate 1221 at Lloyd’s.
“We are delighted Marco has been able to assist The Hartford in achieving its strategic objectives with regards NIIC,” Marco Capital CEO Simon Minshall said.
In May of last year, Marco Capital completed its acquisition of the insurance businesses under Capita, in particular its specialty insurance businesses Capita Commercial Insurance Services Limited (CCIS) and Capita Managing Agency Limited (CMA). Marco has rebranded the acquisition under the new name Polo, which is also a play on the Marco Capital Holdings name. The newly christened group is backed by €500 million equity committed by Oaktree Capital.
September saw Marco Capital appoint Robert Gregg as new claims director, a post he previously held at RiverStone Managing Agency.
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