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Marco Mops Up at Syndicate 1110 — Marco's RITC Vehicle Replaces Coaction as Reinsurer to Collapsed R&Q's Lloyd's Book
Marco Capital’s run-off syndicate has stepped into the reinsurance seat behind R&Q’s Syndicate 1110, releasing Coaction Global from the book and taking another piece of the R&Q estate into Marco’s hands.
28 September 2026 • Pages 1–2 • Lloyd’s & Legacy
The Transaction
Marco Capital’s RITC Syndicate 1254 has signed a reinsurance agreement with Syndicate 1110. It replaces the cover previously written by Coaction Global, and Coaction is released from its exposure to the R&Q portfolio. The deal was announced on 17 September. No financial terms, years of account or reserve figures have been disclosed.
Syndicate 1110 has been in run-off since July 2024, after the collapse of R&Q. Management of the syndicate was novated to Polo Managing Agency, a wholly owned Marco subsidiary, in August 2024. The syndicate writes no new business, so its future depends entirely on how its existing liabilities are handled and who backs them.
28 September 2026 • Pages 1–2 • Lloyd’s & Legacy
Market Context
The Long Clean-Up After R&Q. Two years on from R&Q’s collapse, its legacy estate is still being parcelled out to specialist hands, with Marco among the most active buyers.
Syndicate 1110 has a long legacy history. It was originally a ProSight syndicate, and R&Q took over its management in 2017 through R&Q Managing Agency. Under that arrangement, ProSight kept capital support and a share of any future reserve releases. The Coaction cover now being replaced is a remnant of that era, because ProSight has since become Coaction Global.
R&Q’s administration left its Lloyd’s interests needing new owners, and Marco has become their most active buyer. It has taken on the syndicate’s management through Polo and agreed the Pro Global combination covered in Issues 18 and 19. Now it is also the syndicate’s reinsurer. Syndicate 1254 has had Lloyd’s approval since February 2022 as a dedicated vehicle for taking on other syndicates’ closed years, and this deal is exactly what it was built for.
By the Numbers
- 1254: Marco’s RITC syndicate
- 1110: R&Q’s run-off syndicate
- 2024: the year R&Q collapsed
Key Points
- Marco’s RITC Syndicate 1254 becomes reinsurer to Syndicate 1110
- Replaces cover previously written by Coaction Global
- Coaction released from its exposure to the R&Q portfolio
- Syndicate 1110 in run-off since July 2024
- Managed by Marco’s Polo Managing Agency since August 2024
- Financial terms not disclosed
Quote
“Marco Capital has yet again provided a market solution to the risk and complexity resulting from the administration of R&Q Group.”
— Simon Minshall, CEO, Marco Capital
28 September 2026 • Pages 1–2 • Lloyd’s & Legacy
JDCC VIEW
With Marco now managing the syndicate and reinsuring it, both roles sit with one owner. That brings one party’s claims philosophy, one balance sheet and no conflict between the agent and the capital behind it. For Coaction, it’s a clean exit from an exposure it has carried since its ProSight days. For the market, it’s further evidence that R&Q’s break-up is being handled by specialists rather than left to drift. The question now is how much more of the R&Q estate falls to the market’s clean-up crew before the administration is finished.
MARKET INTELLIGENCE. EDITORIAL PERSPECTIVE. HISTORICAL CONTEXT.
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