Compre, the London-based specialist legacy group, announced the completion of its acquisition of a US$417 million legacy liability portfolio of SiriusPoint Ltd., having received all necessary regulatory approvals.
The transaction, structured as a loss portfolio transfer, has been underwritten by Compre’s class 3A Bermudian reinsurer, Pallas Reinsurance Co. Ltd. (Pallas Re). The portfolio comprises asbestos, environmental, and workers’ compensation liabilities.
Financial details of the transaction were not disclosed.
“I am extremely pleased to announce the completion of our transaction with SiriusPoint, which is another milestone for Compre in further building our presence in the U.S. market. This transaction also demonstrates our growing capabilities and capacity, while continuing to provide a bespoke service to our clients,” commented Compre CEO Will Bridger in a statement.
With more than 30 years of experience in the acquisition and management of discontinued and legacy non-life insurance and reinsurance business, Compre has experience of acquiring most classes of direct and reinsurance business, including general liability, marine and motor liability, and U.S. asbestos, pollution and health hazard long-tail claims (APH). Compre has operations in Bermuda, Finland, Germany, Malta, Switzerland, the UK and at Lloyd’s.
Topics Mergers & Acquisitions Liability
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