Compre, the insurance and reinsurance legacy specialist has announced another run-off acquisition for 2017, acquiring Wüstenrot & Württembergische (W&W) AG’s Ridgwell Fox & Partners (RFP) pool legacy reinsurance business.
Nick Steer, Chief Executive Officer (CEO) of Compre, said he was pleased the firm had completed its third deal “involving a German counterparty, which highlights an increasing acceptance of business transfers as a viable solution available to owners of legacy portfolios across Europe.”
Compre reveals that the W&W predecessor company, Württembergische Feuerversicherung AG, signed shares in RFP for the underwriting years 1978 through 1986. RFP is a reinsurance pool that contains run-off liabilities of W&W and five other carriers, says Compre.
The deal, which was completed for an undisclosed fee, was approved by BaFin, and provides W&W with complete finality in respect of its involvement with RFP.
