Insurance and reinsurance legacy specialist Compre has today announced plans to acquire Equinox CA Europe, a captive insurer of global engineering and construction conglomerate SNC-Lavalin.
Nick Steer, CEO of Compre, said; “I am delighted to announce this latest acquisition, our fourth this year, from a leading group in its field.
“This is our 11th company acquisition, which highlights Compre’s technical and creative ability to meet the spectrum of legacy owner needs and to address the issues some entities now face as Solvency II pressures come to the surface.
“It is further proof of our excellent reputation in the legacy field and Compre is in a strong position and looking forward to further transactions this year and beyond.”
The Ireland-based captive insured the activities of SNC-Lavalin’s business in France until December 2016 when the subsidiary was sold.
The transaction terms are confidential, and the acquisition still awaits regulatory approval from the Central Bank of Ireland before it’s finalised.
The deal brings Compre’s acquisitions up to four so far this year, although it represents the first time the re/insurer has purchased a captive.