Allianz Insurance plc (Allianz Insurance) has completed the sale of British Reserve Insurance Company Limited (BRIC) to Marco Capital Holdings Limited, a European P&C run-off group. This agreement aligns with our strategy of simplifying our business.
Allianz Insurance purchased BRIC and its musical insurance portfolio in 1987. BRIC then continued to underwrite Allianz musical insurance products until 2014, when Allianz Insurance Musical began to underwrite the policies directly. Since then the BRIC has been in run-off.
The transaction has received all required regulatory approvals.