MIC covers professional medical malpractice risks. Credit: Online Marketing on Unsplash.

Bermuda-based legacy specialist Compre has signed a deal to buy Medical Insurance Company (MIC) to bolster its medical malpractice capabilities.

MIC, which is the Irish subsidiary of Covea, is engaged in providing general liability insurance covering professional medical malpractice risks.

The Ireland-based firm entered into run-off in 2015.

The deal is part of Compre’s plan to build a ‘centre of excellence’ for medical malpractice in Europe.

Compre Europe CEO Simon Hawkins said: “I am delighted to announce our third acquisition of European MedMal legacy liabilities this year. This transaction further demonstrates our client-focused approach, where we worked closely with Covéa to ensure their objectives were realised.

“We look forward to working with the MIC team and providing best-in-class claims service to MIC’s policyholders.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData

Tick here to opt out of curated industry news, reports, and event updates from Life Insurance International.

Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Compre did not disclose the financial value of the deal, which is subject to approval from authorities.

For Covea, the deal is part of its strategy to refocus its international operations and focus on building the reinsurance business outside France.

In August this year, Compre secured the regulator’s approval to buy the medical malpractice portfolio from an insurer based in Europe.

Before that, the Bermuda-based legacy group reached an agreement to buy the medical malpractice portfolio from German insurance company Basler, a unit of Baloise Group.

Compre claims to have more than three decades of experience in buying and managing discontinued and legacy non-life insurance and reinsurance portfolios.

Besides Bermuda, the firm has operations in Finland, Germany, Malta, Switzerland, the UK, the US and at Lloyd’s of London.