Marco Capital Holdings, the European property and casualty (P&C) insurance run-off group, has purchased an Isle of Man-based captive non-life insurance company from Thomas Cook Group Treasury (TGCT).
Marco’s acquisition of VA Insurance Services, its first captive, has received regulatory approval from the Isle of Man Financial Services Authority and has now completed. TCGT is currently in liquidation.
Simon Minshall, Marco’s chief executive officer, said: “While the P&C legacy sector has recently seen a shift of activity towards capital relief based transaction, providing strategic solutions is a fundamental service Marco offers and is a core pillar in Marco’s strategy.”
Marco Capital Holdings, VA Insurance Services, Isle of Man, Simon Minshall