Compre, a London-based insurance and reinsurance legacy specialist, has acquired the share of the Gibbon Pools from three companies, to boost its presence in non-life insurance sector.
The shares were acquired from Basler Versicherung, Helvetia Swiss Insurance, and an undisclosed European insurance firm.
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The Gibbon pools involve insurance and reinsurance business in run-off underwritten by RW Gibbon (Underwriting Agencies) and RW Gibbon & Son between 1950 and 1972.
The latest acquisitions follow a similar transaction completed in 2017, when Compre purchased the shares in the Gibbon Pools of AG Insurance, AXA Insurance, and Swiss Re International.
Compre CEO Will Bridger said: “I am extremely pleased to announce these transactions, consolidating a complex legacy London Market pool and delivering true finality for three highly reputable counterparties and in a variety of jurisdictions. My sincere thanks to everyone involved for all their hard work to achieve this great result.”
Earlier, Compre acquired Switzerland-based Baloise’s entire UK branch liabilities, including the firm’s share of the Gibbon Pools.
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By GlobalDataThe acquirer said that the transaction includes a small portfolio underwritten directly by the Swiss entity. This deal was structured as an upfront loss portfolio transfer, followed by a Part VII transfer to ultimately provide Baloise with finality on its UK business.
