Independent reinsurance legacy specialist Compre has announced the acquisition of a legacy portfolio from major Norwegian insurer Gjensidige Forsikring ASA for an undisclosed sum.
The legacy portfolio is made up of U.S. asbestos, pollution and health hazard (APH) risks underwritten between 1983 and 1985.
Its purchase by Compre was structured as a loss portfolio transfer and concluded as a business transfer.
Compre said it had already been managing all claims related to the portfolio, so the transaction, which marks the firm’s 25th individual portfolio acquisition, also ensured continuity of the portfolio’s management.
Nick Steer, CEO of Compre, said; “It gives me great pleasure to announce our fifth acquisition of the year and our second from leading Norwegian insurer Gjensidige Forsikring.
“Compre has a long track record of successfully managing US APH and this transaction is a further demonstration of our ability to provide large insurance groups with exit solutions for discontinued business.
”The deal marks Compre’s 25th individual portfolio acquisition and its second from Gjensidige, after acquiring its marine and energy portfolio in February 2016.”