Macquarie Insurance Facility (Macquarie) has expanded its services with the introduction of a rent-a-captive insurance solution aimed at property and casualty (P&C) risks.

This move comes after regulatory clearance earlier in the year, enabling clients to benefit from Macquarie’s captive insurer status without the significant initial investment and running costs of a traditional single-parent captive insurer.

The new solution offers clients the advantages of a captive insurer, such as increased control over insurance policies, flexible risk retention, and improved risk management.

Captive insurance, which now accounts for almost 25% of the commercial insurance market, has been growing steadily due to the cost savings, customised risk management, and enhanced cash flow opportunities it provides.

Macquarie global head Nick Wilski said: “Macquarie joining the rent-a-captive market provides an opportunity for our clients to simplify their insurance needs.

“By offering clients the opportunity to leverage the benefits of captive insurance, without the operational burden, we’re providing an efficient, flexible and tailored insurance solution.”

Earlier this year, Macquarie secured its position as a Lloyd’s cover holder.

In April, Macquarie partnered with speciality insurer Mosaic, allowing it to write transactional liability insurance on a delegated authority basis.

Macquarie manages around $1.6bn in annual premium spend from its clients across various sectors, including private equity, infrastructure, energy, and real estate.