MIC was engaged in offering insurance solutions to cover against the risk of professional medical malpractice. Credit: Marcelo Leal/Unsplash.

Bermuda-based legacy insurance specialist Compre Group has completed the acquisition of Medical Insurance Company (MIC).

The financial terms of the transaction, which was announced in October 2022, were not disclosed.

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MIC was engaged in offering insurance solutions to cover against the risk of professional medical malpractice.

The acquired insurer, which entered run-off in 2015, is the Irish business of Covéa.

Compre said the deal represents a key step toward building its European “centre of excellence” focused on medical malpractice.

The company added that the agreement comes after the transfer of a portfolio of French medical malpractice risks from another European insurer in July 2023.

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Compre Europe CEO Simon Hawkins said: “I am delighted to announce the completion of this transaction following regulatory approval, and I would like to thank the Covéa and MIC teams for their ongoing collaboration. This transaction further demonstrates our client-focused approach to supporting our partners in achieving their restructuring objectives.”

In May, Compre brokered a deal with SUNZ Insurance Company (SUNZ) to buy a workers’ compensation legacy portfolio.

The agreement with SUNZ was set up as a loss portfolio transfer (LPT) and had been underwritten by Pallas Reinsurance Company, Compre’s class 3B Bermudian reinsurer.

Most recently, underwriting company SiriusPoint and Compre completed an LPT of reinsurance business.

Compre assumed more than $1.3bn in reserves as part of the agreement, which included a variety of business classes from 2021 and earlier underwriting years.