Allianz Insurance plc (Allianz Insurance) has agreed to 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 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.
The transaction is subject to regulatory approval.