Bermuda-domiciled international specialist reinsurance company Compre Group has entered into a loss portfolio transfer agreement with Wakam, a French insurer.
The deal covers around €140m of reserves as of 31 December 2024, primarily related to UK and French property and motor insurance liabilities for last year and earlier years.
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Compre noted that the agreement also includes a forward-flow mechanism, allowing Compre to reinsure subsequent years.
This mechanism is designed to provide Wakam with ongoing capital management support as it expands its operations and manages legacy exposures.
Wakam Group CEO Catherine Charrier-Leflaive said: “This partnership with Compre is an important step in optimising our financial strength to fuel future growth. By entrusting legacy liabilities to a specialist partner, we free up resources to invest in what matters most: scaling our digital insurance platform across Europe and delivering innovative solutions to our partners.
“The forward-flow structure provides ongoing support as we expand, perfectly aligned with our commitment to disciplined execution and operational excellence. This is smart capital management in action – clearing the path for Wakam to focus fully on building the insurance infrastructure of tomorrow.”
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By GlobalDataCompre CEO Will Bridger said: “We are delighted to have reached this agreement with Wakam, marking another significant transaction as part of our continued growth across Europe.
“The forward-flow element demonstrates Compre’s ability to provide long-term, capital-efficient solutions to our partners, reflecting the strength and flexibility of our reinsurance platform.”
In September, Compre Group appointed Dominic Clayden to the newly established position of interim global claims director.
In June, Compre announced that Rachel Bardon had been appointed to the newly created position of chief underwriting officer.
Bardon will oversee business development across the group, including new business origination, transaction execution, reinsurance underwriting and strategic market development.
