Independent insurance and reinsurance legacy specialist Compre has today announced its decision to purchase all of the run-off insurance and reinsurance business of the UK branch of AG Insurance SA for an undisclosed sum.
The transaction is structured as a loss portfolio transfer and is awaiting relevant approvals in Belgium, Finland and the UK – after which it will be followed by an insurance business transfer.
Nick Steer, Chief Executive Officer (CEO) of Compre, said: “I am extremely pleased to announce our first acquisition of the year and our first involving a Belgian counterparty.
“This further enhances our reputation as a provider of legacy solutions across the European market and I look forward to further deal flow during the next year.”
The acquisition is Compre’s 22nd portfolio deal, enabling AG Insurance to finalise its UK branch business. To date, Compre has acquired 10 companies in run-off.