RPC advises Markel on £200m UK motor LPT transaction with Marco Capital

The LPT transaction involves UK motor insurance claims, providing cover of up to £200m in claims reserves

This deal is the twelfth in a recent series of significant legacy market transactions handled by RPC, and the sixth in 2023

International law firm RPC has advised Markel on a loss portfolio transfer transaction with Marco involving UK motor insurance claims, providing cover of up to £200m in claims reserves.

Marco's Syndicate 1254 will provide cover to reinsured business stemming from Markel.

The portfolio comprises claims settled via periodic payment order (PPO) and those which are currently open and may settle as either a lump sum award or PPO.

Gallagher Re acted as the placing broker on the transaction. The transaction was announced in a press release from Marco Capital here.

The RPC team was led by Head of Insurance, Transactions and Regulatory Matthew Griffith and Corporate Insurance Specialist William Hogarth.

Commenting on the deal, Matthew Griffith said: "It was a pleasure to advise Markel and to partner with the team at Gallagher to deliver this strategically important transaction."

Andy Davies, Markel International CFO, commented: “This transaction significantly reduces our exposure from discontinued lines of business, allowing us to successfully grow our ongoing business." 

The transaction follows a landmark deal last month in which RPC advised MS Amlin on its £1.2bn 'split' Reinsurance-to-Close (RITC) and LPT transactions with RiverStone International.  That transaction has been described as the largest ever third-party RITC transaction in Lloyd's.

The Markel LPT with Marco is the twelfth in a recent series of significant legacy market transactions handled by RPC, and the sixth in 2023.