Bermuda headquartered Compre, an international legacy group, has acquired Medical Insurance Company DAC (MIC), the Irish subsidiary of Covéa, a French mutual insurance company.
MIC provided insurance policies covering professional medical malpractice risks. Compre signed the agreement to acquire MIC back in October 2022. The insurer had entered into run-off in 2015.
The completion of this cross-border transaction, Compre stated, represents a further significant step in the build out of the company’s centre of excellence for medical malpractice in Europe.
Simon Hawkins, CEO Europe said: “I am delighted to announce the completion of this transaction following regulatory approval, and I’d like to thank the Covéa and MIC teams for their ongoing collaboration.
“This transaction further demonstrates our client-focused approach to supporting our partners in achieving their restructuring objectives.”
The acquisition follows the approved legal transfer of a portfolio of French medical malpractice liabilities from another European insurer in July 2023. And in August 2022, Compre acquired the hospital liability (MedMal) portfolio of German insurer Basler Sachversicherungs-AG, an entity of the Baloise Group.
