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Marco Takes the Bank to Court: $35m Claim Over the Kelvin Re Sale
Marco Capital is suing Toronto-Dominion Bank in London after the financial position of Kelvin Re, the run-off reinsurer it bought from the bank, deteriorated.
Issue 22 • 26 October 2026 • Disputes & Legacy M&A
The Transaction
Legacy specialist Marco Capital has sued Toronto-Dominion Bank for $35 million in London. The claim follows a deterioration in the financial position of Kelvin Re, the run-off reinsurer Marco bought from the bank.
Details of the claim were not publicly available at the time of going to press, and TD’s response was not available.
Issue 22 • 26 October 2026 • Disputes & Legacy M&A
Market Context
Kelvin Re was formed in Guernsey in 2014 by Credit Suisse’s insurance-linked strategies team. US investment bank Cowen bought it in 2022, and it passed to TD when the bank acquired Cowen in March 2023.
Marco completed its purchase in July 2023 through Humboldt Re, another former Credit Suisse ILS vehicle it had acquired in 2021. The two were later merged under the Marco Re brand.
Issue 22 • 26 October 2026 • Disputes & Legacy M&A
JDC VIEW
Legacy buyers price deals on the reserves they can see. If those reserves move after completion, the warranties and disclosures in the sale agreement become the battleground.
Whatever the outcome, the case is a reminder that due diligence in run-off M&A never really ends at signing, and that a book a seller has exited can still follow it.
This report reflects Marco Capital’s claim as reported. TD Bank’s response was not available.
Sources: Law360, 23 Oct 2026; Artemis; The Insurer; Bailiwick Express (Kelvin Re acquisition, 2023).
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