The legacy specialist is said to have more than 30 years of experience. Credit: Edar from Pixabay.

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.

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.

“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.”

Earlier this month, Compre bought the MedMal portfolio of German insurance firm Basler Sachversicherungs-AG (Basler), a part of the Baloise Group.

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.