Simplifying our business

Published 25 August 2020

Today we have agreed to sell British Reserve Insurance Company Ltd (BRIC) to Marco Capital Holdings Limited, a new European P&C run-off group. This agreement will not affect any of our customers and is purely about aligning with our strategy of simplifying our business.

What’s our history with BRIC?

In 1987 Allianz purchased Cornhill and BRIC but BRIC remained a separate company and became a subsidiary of Cornhill Insurance. In 1997 Allianz Insurance purchased BRIC along with their Musical Insurance portfolio.

BRIC continued to underwrite our musical insurance products after the trading name changed to Allianz Musical Insurance, but this came to end in 2014 after Allianz Insurance began to underwrite our customer policies directly. Since then the BRIC insurance book has been in run-off.

We will continue handling customer claims until 31 December 2022 to ensure continuity of service and to allow Marco to establish its own operation. We will also offer limited accountancy services for a short period.

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