Kelvin Re is a Guernsey based reinsurance company, authorised by the Guernsey Financial Services Commission.
Humboldt Re, Marco’s 100% owned Guernsey subsidiary, is the acquiring entity. Terms of the sale are not being disclosed.
Simon Minshall, Marco CEO said that as both Humboldt Re and Kelvin Re were formed under the stewardship of Credit Suisse’s ILS team on behalf of third party investors there is substantial similarity in the books of business.
“From Marco’s perspective, this transaction makes absolute sense as it encompasses a portfolio most of which overlaps with Humboldt Re, our existing Guernsey carrier, with consequential reduced risk for Marco due to familiarity as well as economies deriving from ownership of two highly similar entities.”