Compre, the London-based independent insurance and reinsurance legacy specialist, announced the completion of a group-wide restructure, designed to reduce its cost base in preparation for further acquisitions.
The run-off consolidator has so far undertaken three acquisitions in 2016 and will complete further deals in continental Europe by the end of the year.
Compre said a key aspect of the restructure has been the conversion of Compre-owned London & Leith Insurance Co. Ltd. into a European company, a Societas Europaea (SE), thereby creating one of only seven insurance related SE companies registered in the UK.
This involved merging L&L with another group company, converting that into a public limited company, concluding with its conversion to an SE, Compre said, noting that this was designed to reduce the number of companies in the group, bringing savings in administration, accounting, legal costs and management time.
“As demand in Europe intensifies for transfer mechanisms to exit underperforming or non-core business, we are delighted to announce the completion of an important phase of our group-wide restructure, which strengthens our ability to meet demand and create additional value for clients,” said Nick Steer, CEO of Compre.
“With a lower cost base and increased flexibility, Compre is well placed to capitalize on the opportunities in the run-off market during a significant period in its development,” said Steer.
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