By Michael Jones
June 20 - (The Insurer) - Marco Capital Holdings has acquired R&Q Gamma for undisclosed terms, the legacy specialist is expected to announce later today.
R&Q Gamma, formerly Royal London General Insurance Company, was established in 1983 and put into run-off in 1999.
It was acquired by R&Q Insurance Holdings in 2016 to act as a consolidation vehicle for UK run-off opportunities.
R&Q Gamma's outstanding liabilities predominately relate to the UK P&I Club and comprise occupational disease and workers' compensation liabilities relating to workers on ships and ports.
Marco CEO Simon Minshall said: “This is now the third time Marco has provided assistance in stabilising and securing R&Q policyholders’ interests, following the acquisition of Inceptum, an R&Q subsidiary in run-off, and management of R&Q Syndicate 1110 by Polo Managing Agency in 2024”.
Inceptum, acquired in November 2024, was a motor and short-tail personal lines carrier which traded as HSBC Insurance $(UK)$ Limited until 2011. HSBC placed the carrier in run-off in 2009, and the company was subsequently acquired by R&Q in 2020.
Polo Managing Agency took over the third-party management and administration of Syndicate 1110 in August 2024, shortly after trading in R&Q’s shares was suspended on the London Stock Exchange following the appointment of administrators by the Bermuda Supreme Court.
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