Allianz Insurance has sold british Reserve Insurance, to Marco Capital, subject to the usual regulatory approval.
British Reserve was founded way back in 1960, when musical instruments cost up to six months wages to buy, so those in beat groups and bands, who often travelled 200 miles in a week doing four or five gigs, needed to insure the instruments. Many were bought on Hire Purchase too. It was a great idea, until times changed in the late 90s and specialising in something like musical instruments became a little bit too niche.
Allianz Insurance purchased BRIC and its musical insurance portfolio in 1997. BRIC then continued to underwrite Allianz musical insurance products until 2014, when Allianz Insurance began to underwrite the policies directly. Since then BRIC has been in run-off.
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