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October 21, 2022

Compre to buy Medical Insurance Company from Covea

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.”

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.

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