Compre, the Bermuda headquartered, international legacy group, has acquired the hospital liability (MedMal) portfolio of German insurer Basler Sachversicherungs-AG, an entity of the Baloise Group.
The deal, structured as a portfolio transfer, is a step for Compre towards building a centre of excellence for legacy MedMal business in Europe.
The portfolio mainly consists of underwriting years 2004 to 2018 and as such has been in run-off for several years.
The transaction, which is expected to close by year end 2022, includes the hospital liability portfolio of Basler with technical liabilities of approximately EUR200 million.
The portfolio will transfer in its entirety to Compre’s Finnish subsidiary Bothnia International Insurance Company Ltd., and Compre will work closely with Detmold-based Ecclesia Group Assekuranz Service GmbH to continue to provide claims support for existing customers.
In addition, Compre also recently completed a two-tranche loss portfolio transfer (LPT) for an undisclosed European insurer, with the second tranche covering unexpired risks on a pre-determined basis.
“I am delighted to announce our first acquisition of pure European MedMal legacy liabilities and with a portfolio that is very well known to us,” said Compre CEO Will Bridger. “This demonstrates Compre’s strong client-service focus and ability to provide highly tailored solutions to meet specific client needs.”
Simon Hawkins, CEO Europe, added: “This transaction also demonstrates, after Compre recently redomiciled to Bermuda, our commitment to executing legacy deals in Europe as well as the Lloyd’s and US legacy markets. While this is a new class of business for Compre, it is very much a signal of our intent to build MedMal into a significant additional area of specialisation.”
