Compre Group, a legacy insurance specialist based in Bermuda, has expanded its portfolio by acquiring European casualty and motor liabilities from two international insurance groups.
Financial terms of the transaction and the details about the sellers were not disclosed.
Compre has received all relevant approvals from Bermudian and European regulators for the deal.
The approvals will enable Compre’s class 3B Bermudian reinsurer, Pallas Reinsurance Company, to reinsure around €200m ($218.97m) of reserves across key European markets.
The portfolios encompass liabilities in France, Germany, Italy and the Netherlands.
Compre European claims director Marialuisa Petrella said: “We are delighted to have been able to assist our clients in achieving their strategic objectives with regard to these portfolios and look forward to working to achieve an excellent outcome for all stakeholders.”
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Compre Europe CEO Simon Hawkins said: “I am extremely pleased to announce these additional transactions, having worked closely with our clients to structure solutions that meet their capital and operational objectives.
“These transactions demonstrate how our experience in the European liability market continues to be valued by our clients following an excellent year for Compre in 2023.”
Compre brings over three decades of experience in managing discontinued and legacy non-life insurance and reinsurance business.
With operations spanning Bermuda, Finland, Germany, Ireland, Malta, Switzerland, the UK, and Lloyd’s, Compre’s latest acquisition further solidifies its global footprint in the legacy insurance sector.
In September 2023, Compre acquired Medical Insurance Company (MIC), which entered run-off in 2015.
MIC was the Irish business of French insurance company Covéa and specialises in insurance solutions for professional medical malpractice risks.