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Inside the Deal: Marco Capital Reunites a London Market Services Giant
Marco Capital’s agreement to acquire Pro Global represents a further step in the group’s strategy of building a broader, more diversified insurance-services business around its existing PoloWorks platform.
24 August 2026 • Page 2 • Reinsurance & Transactions
The Transaction
Marco Capital, the Malta-headquartered P&C legacy consolidator, has agreed to acquire Pro Global, with the business set to combine with Marco’s existing insurance services arm, PoloWorks, once the transaction completes.
The deal was announced on 19 August 2026 and remains subject to regulatory approval, with financial terms undisclosed. The enlarged organisation will operate through 15 offices across the UK, Europe, North America, Latin America and Australasia, employing approximately 1,400 people.
Marco describes the combination as bringing together two businesses with a common origin and significant overlap in their service capabilities and culture — positioning this as a deliberate consolidation of complementary strengths rather than a defensive acquisition.
24 August 2026 • Page 2 • Reinsurance & Transactions
The Strategic Rationale
The rationale centres on scale. PoloWorks has been developing since Marco acquired Capita Insurance Services and its Lloyd’s platform in 2022, which provided the initial platform for the group’s insurance-services ambitions; the Pro Global acquisition represents a further step towards building a broader, more diversified insurance-services business.
The enlarged group should give clients access to a wider range of capabilities, while Pro Global’s international footprint and offshore delivery capability extend PoloWorks’ geographic reach.
24 August 2026 • Page 2 • Reinsurance & Transactions
Market Context
Pro Global, founded in Gloucester in 1993 as a run-off services provider, has grown into a leading outsourced-services partner to the London Market, working with the majority of the largest Lloyd’s syndicates, the five biggest global reinsurers, and numerous P&C insurers worldwide, from offices in London, New York, Cologne, Buenos Aires and São Paulo.
PoloWorks traces its roots to Capita Insurance Services and Capita Managing Agency, acquired by Marco in 2022 and subsequently rebranded — a shared lineage that is central to Marco’s framing of this deal as a reunion of complementary businesses rather than a straightforward acquisition.
Marco Capital itself operates as a dedicated consolidator of P&C legacy business through several regulated platforms, including Marco Re (Guernsey, rated A– by AM Best and A3 by Moody’s), British Reserve Insurance Company (UK), Marco Insurance PCC (Malta) for EU clients, and Lloyd’s RITC Syndicate 1254. The group is backed by $550 million of committed equity from funds advised by Oaktree Capital, and its senior team has collectively completed more than 40 run-off transactions. This is not Marco’s first services-side move, nor its first Malta-based deal — earlier in 2026 it completed the acquisition of Stewart Title Europe (Malta), alongside Benteler Re (Dublin) and a reinsurance-to-close transaction with Covey’s Syndicate 1975. PwC’s Global Insurance Run-Off Survey estimates non-life reserves in run-off worldwide at $1.129 trillion — up 11% on the prior survey — underscoring why services consolidation remains a market focus.
24 August 2026 • Page 2 • Reinsurance & Transactions
Editorial Perspective
Why Now?
The rationale centres on scale. PoloWorks has been developing since Marco acquired Capita Insurance Services and its Lloyd’s platform in 2022, which provided the initial platform for the group’s ambitions in insurance services. The Pro Global acquisition represents a further step towards building a broader, more diversified insurance-services business around that platform.
The enlarged group should give clients access to a wider range of capabilities, while Pro Global’s international footprint and offshore delivery capability extend PoloWorks’ geographic reach — from London and New York through to Cologne, Buenos Aires and São Paulo.
JDCC View
What’s notable here is the framing: Marco is presenting this as a reunion of businesses with shared origins rather than a conventional bolt-on acquisition, given PoloWorks’ own roots trace back through Capita. That’s a meaningful distinction — deals built on genuine strategic and cultural fit tend to integrate more cleanly than opportunistic consolidation plays, and Marco’s own history (40-plus completed run-off transactions, a run of Malta-based and services-side moves this year alone) suggests a group that has done this kind of integration work before.
The bigger signal is what this says about where legacy consolidators see growth: not just in acquiring back-books, but in building out the services layer around them. With PwC estimating the global run-off market at $1.129 trillion and growing 11% year-on-year, the appetite for firms that can service that volume — not just capitalise it — looks set to keep expanding. Worth watching whether Pro Global’s competitors respond with services-side moves of their own.
MARKET INTELLIGENCE. EDITORIAL PERSPECTIVE. HISTORICAL CONTEXT.
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