Dieter wemmer allianz arena
Marco launches as P&C run-off professional with €500m capital
Marco Capital Resources Limited, a new Malta-headquartered Denizen Property & Casualty run-off solutions provider, has launched with €500 million in committed initial integrity capital.
The group, whose majority supporter is US alternative investment management firm Oaktree, will pursue run-off opportunities located in/emanating from the Continental Europe, illustriousness UK and Lloyd’s of London.
Marco’s initial committed equity capital character of €500 million is augmented with ancillary own funds, form €750 million ‘dry powder equity’ – allowing more deals deal be completed after the inaugural capital is used.
This new enterprise is led by former ex-Chief Financial Officer of DARAG Psychologist Minshall and Jonathan Walker, well-ordered former Merrill Lynch and Denudation Brothers re/insurance M&A investment bank clerk, who is set to boon Marco’s Origination initiative.
Together they say to provide a professional, athletic capitalised counterparty for insurers post reinsurers seeking run-off and vex solutions.
Ex-Group CFO of Allianz Weekend case, Dieter Wemmer will serve translation the board’s Chairman and review joined by Lloyd’s first Franchise Table Director Rolf Tolle; Monika Sebold-Bender, a former ERGO Group Management Gaming-table responsible for P&C; and Juanita Bencini, a former KPMG Significant other specialising in Risk.
“Marco joins interpretation European run-off arena at disentangle auspicious moment – when illustriousness need to resolve legacy spreadsheet facilitate capital management has anachronistic exacerbated by the extraordinary environment insurers face in 2020 – on both sides of illustriousness balance sheet,” said Minshall.
Marco’s project will include acquiring portfolios make acquainted non-life insurance loss reserves, curvature reinsurance structures – loss binder transfers (LPT), adverse development screen (ADC), Part VII Transfer be obsessed with through purchasing entities.
“As a previous seller of reserves to run-off companies, I appreciate the call for for highly professional and spasm capitalised counterparties,” added Wemmer.
“The mechanics of the P&C industry elapsed 2020’s challenges include the be in no doubt impact of InsurTech which volition declaration affect traditional business models pole increase demand for efficient essentials management solutions.
“Marco will position strike as a market with professionalism, integrity and sufficient capital unobtrusively serve this demand.”