Compre, a legacy specialist headquartered in Bermuda, has secured the regulator’s nod to buy the French medical malpractice (MedMal) portfolio from an insurer based in Europe.
Compre did not disclose the financial value of the deal.
The deal is structured as a loss portfolio transfer, and it will be followed by a legal transfer.
Compre said the acquisition, which was brokered by Guy Carpenter, supports its ambition to build a centre of excellence for MedMal in Europe.
The portfolio consists of legacy, live and prospective risks through 2023.
Compre Europe CEO Simon Hawkins said: “I am delighted to announce our second acquisition of European MedMal legacy liabilities. We worked closely with the insurer to ensure the structure optimises capital release and provides operational finality.
“This transaction further demonstrates our client-focused approach, which ensured our client’s objectives were realised, and our commitment to building a centre of excellence for MedMal in Europe.”
Basler’s portfolio, which has been in the run-off for several years, mainly features underwriting years 2004 to 2018.
Subject to regulatory clearance, the German insurer’s portfolio will transfer entirely to Compre’s Finnish affiliate Bothnia International Insurance Company.
Compre claims to have more than three decades of experience in the acquisition and management of discontinued and legacy non-life insurance and reinsurance portfolios.
Besides Bermuda and Finland, the firm has operations in Germany, Malta, Switzerland, the UK and the US.