Bermuda-domiciled legacy reinsurer Compre Group Holdings Limited has completed an insurance business transfer of a portfolio of European casualty and motor liabilities from Ethias S.A. (Ethias).
The transfer follows a prior Ethias Loss Portfolio Transfer (LPT), which took place in 2023, covering approximately €140 million of reserves across the European Union.
The current transfer has received all necessary approvals by regulators in Belgium, France, the Netherlands, Germany, and Finland.
This allows Compre’s European carrier, Bothnia International Insurance Company, to fully assume the portfolio, providing Ethias with full legal, economic, and operational finality.
Simon Hawkins, Group Chief Operating Officer, Compre, commented, “I am extremely pleased to announce the completion of this transfer following a successful collaboration with Ethias, who we have worked closely with since the LPT in 2023.
“This transfer demonstrates how our experience in the European liability market and our ability to provide full finality continues to be valued by our clients. The support of several European regulators for this multi-jurisdictional Insurance Business Transfer once again demonstrates the effectiveness of this solution.”
Wilfried Neven, Director and Deputy Chief Executive Officer, Ethias, added, “We are pleased to have completed the last step in the discontinuation of our international portfolio, allowing us to fully focus on growth in our local market.
“We would like to thank Compre for their efficient and close collaboration in bringing this process to a successful conclusion.”
Recently, Compre posted a net loss post-tax of $128.5 million in its full-year 2024 results, compared to a profit of $279.4 million in 2023.
