Compre Group Holdings Limited Compre acquires German liability portfolio (9282V)
15 8월 2022 - 3:00PM
UK Regulatory
TIDMRG62
RNS Number : 9282V
Compre Group Holdings Limited
15 August 2022
Press release
15 August 2022
Compre acquires German liability portfolio
Compre Group Holdings Limited ("Compre"), the Bermuda
headquartered, international legacy group, today announces it has
acquired the hospital liability ("MedMal") portfolio of German
insurer Basler Sachversicherungs-AG ("Basler"), an entity of the
Baloise Group, subject to regulatory approval by the German Federal
Financial Supervisory Authority ("BaFin"). Terms of the transaction
are not disclosed.
The deal, structured as a portfolio transfer, is a further
milestone for Compre, marking its ambition to build a centre of
excellence for legacy MedMal business in Europe. The portfolio
mainly consists of underwriting years 2004 to 2018 and as such has
been in run-off for several years. The transaction, which is
expected to close by year end 2022, includes the hospital liability
portfolio of Basler with technical liabilities of approximately
EUR200 million.
Subject to the relevant regulatory approvals, the portfolio will
transfer in its entirety to Compre's Finnish subsidiary Bothnia
International Insurance Company Ltd. Compre will work closely with
Detmold-based Ecclesia Group Assekuranz Service GmbH, which will
continue to provide claims support for existing customers, ensuring
smooth continuity of service for policyholders.
In addition, Compre also recently completed a two-tranche loss
portfolio transfer ("LPT") for an undisclosed European insurer,
with the second tranche covering unexpired risks on a
pre-determined basis. This is the first time Compre has
underwritten a two-tranche LPT and is developing its pre-packaged
forward LPT proposition to deliver additional future income, while
providing greater certainty for its clients' future results.
Will Bridger Group CEO said: "I am delighted to announce our
first acquisition of pure European MedMal legacy liabilities and
with a portfolio that is very well known to us. This demonstrates
Compre's strong client-service focus and ability to provide highly
tailored solutions to meet specific client needs."
Simon Hawkins CEO Europe added: "This transaction also
demonstrates, after Compre recently redomiciled to Bermuda, our
commitment to executing legacy deals in Europe as well as the
Lloyd's and US legacy markets. While this is a new class of
business for Compre, it is very much a signal of our intent to
build MedMal into a significant additional area of
specialisation."
- Ends -
For further information please contact:
Compre
David Haggie / Richard Adams / Olivia Thomson, Haggie
Partners
+44 20 7562 4444
About Compre:
Compre is a leading legacy specialist with over 30 years of
experience in the acquisition and management of discontinued and
legacy non-life insurance and reinsurance business. Compre has
experience of acquiring most classes of direct and reinsurance
business, including general liability, marine and motor liability,
and US APH. Compre has operations in Bermuda, Finland, Germany,
Malta, Switzerland, UK, the US and at Lloyd's of London.
www.compre-group.com
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END
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