Compre has said that its group holding company has redomiciled to Bermuda, where it will be supervised by the Bermuda Monetary Authority (BMA).
The firm said the move was the culmination of its diversification strategy to broaden its market focus from Continental Europe to include Lloyd’s of London and North American legacy markets.
Simultaneously, Simon Hawkins, group COO at Compre, has been appointed to the newly created role of CEO for Europe, effective from 1st July 2022.
Will Bridger, group chief executive officer of Compre, said: “Our move to Bermuda is a further milestone for Compre and reflects the broader international nature and expertise of our organisation, the jurisdiction of the insurance liabilities on our balance sheet and the concentration of business within geographic risk-bearing entities. Our thanks to the Malta Financial Services Authority for their support over the past five years and we look forward to working closely with the BMA as our business grows across our markets.”
Hawkins’ responsibilities will include business development and building Compre’s long-term client relationships across its core European, Lloyd’s and UK markets. His appointment follows that of David Presley’s as CEO for North America, in April, giving Compre two divisional CEOs with responsibility for developing the business in these respective jurisdictions.
Bridger added: “I am also delighted to announce Simon Hawkins’ appointment to the new role of CEO – Europe. To date, as group COO, Simon’s role has been focused on building and developing our operating platform. In his new role he will be market facing, focussing on client and business development and building our strong client-service focus as we execute legacy deals in Europe and Lloyd’s.”
In recent days, Compre has announced that it has raised $200m of debt in order to support its growth.
The net proceeds of the issue of the notes will be used by Compre for its general corporate purposes, including the refinancing of existing senior indebtedness.
It will also be used to support growth following Compre’s acquisition of a $417 million legacy liability portfolio from SiriusPoint last year, as well as to help optimise the group’s regulatory capital structure.
