Compre, the independent specialist legacy acquirer, has received regulatory approval in principle to establish a Class 3A reinsurer in Bermuda.
Over the coming weeks, Compre is set to work with the Bermuda Monetary Authority (BMA) to finalise the registration and licensing of the reinsurer.
The company says that this new platform will enhance its ability to access the growth potential in North America and is in-line with the Group’s plans for strategic expansion into both the US and Lloyd’s legacy markets.
Chief Executive Officer (CEO) of Compre, Will Bridger, said: “It gives me great pleasure to announce the formation of our Bermuda hub, which will significantly extend Compre’s long-established operations in our traditional European heartland.
“With around half of the estimated global legacy liabilities of US$750 billion residing in the US, our Bermuda operation will allow us to bring our legacy expertise and a highly credible and client-centric approach to the US run-off market.”
