Marco Capital, the P&C legacy consolidator and parent of insurance services group PoloWorks, has agreed to acquire Pro Global, with the two businesses set to combine following completion to create one of the industry’s largest specialist insurance services businesses across Lloyd’s, the London Market and international insurance markets.
“Pro Global and PoloWorks share a common origin, and this transaction reunites two businesses with many similarities in scope of services and corporate cultures. With deep sector expertise, strong client relationships and highly regarded technical offerings, the combination will benefit from greater scale and increased investment in technology and digital innovation,” Marco Capital explained.
The firm added that the acquisition of Pro Global, which is subject to regulatory approval, represents a significant milestone in its strategy to build an integrated legacy insurance and market-leading insurance services group, with an expanded global client offering and truly diversified income stream.
The new organisation will reportedly operate through a network of 15 offices and approximately 1,400 employees across the UK, Europe, North America, Latin America, and Australasia.
Marco Capital continued, “The businesses are also highly complementary and bring together a broader range of regulated platforms, specialist expertise, and geographic reach.
“Clients of Polo Managing Agency (Lloyd’s turnkey), Polo Insurance Managers, and Pro MGA will benefit from augmented service quality and choice, enabling customers to concentrate on their growth and value strategies. Pro Global’s international footprint and offshore delivery capabilities will extend the new group’s reach and service offering.”
Marco Capital noted that it is committed to continually refining service delivery and expanding its product offering to existing and new customers and this is underpinned by its ongoing investment in talent, technology, and innovation, to ensure market-leading client experiences while building new capabilities to meet evolving industry needs.
Simon Minshall, Group CEO of Marco Capital Group, commented, “Since acquiring PoloWorks in 2022, Marco Capital re-engineered the business through new marketing initiatives, competitive customer propositions, leveraging Marco’s industry relationships and, in 2023, appointing new PoloWorks leadership.
“Polo Managing Agency is an early success story, and Marco continues to build PoloWorks into an even stronger, more ambitious, and well-diversified insurance services business – an essential component of Marco Capital’s ecosystem.
“Our objective is simple – to provide clients with the highest quality specialist insurance services. Pro Global is a natural strategic fit, bringing an impressive team, highly complementary capabilities, and a strong international footprint.
“The combination creates a stronger proposition for clients, broader opportunities for our colleagues and a platform with the scale to continue investing in technology, innovation and operational excellence.”
Paul Andrews, CEO of PoloWorks, said, “Pro Global is an exceptional strategic fit for PoloWorks. Importantly, this is not simply an acquisition of services capability – it accelerates our growth strategy and expands what we can offer clients across a wider range of markets and services.
“Pro Global brings outstanding people and specialist knowledge. It is a business we have admired for some time and one that fits naturally alongside PoloWorks.
“Since joining the Marco Capital Group, the Polo team has made an extraordinary effort in bringing PoloWorks to this point and I pay tribute to my colleagues for this achievement. We are excited about what the future holds and look forward to welcoming our new colleagues and building on the strengths of both businesses.”
Steve Lewis, CEO of Pro Global, observed, “This marks an exciting new chapter for Pro Global. We have built a fantastic business with exceptional people and strong client relationships, and joining PoloWorks gives us an opportunity to build on those strengths.
“Most importantly, our focus remains exactly where it has always been, delivering outstanding service for our clients while creating exciting opportunities for our people and the future of the business.”
See more of our reinsurance M&A coverage here, with details of major deals in the works and completed transactions involving insurance, reinsurance and related companies.
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