Independent insurance and reinsurance legacy specialist, Compre, has announced its second acquisition of the year, providing a legacy solution to global reinsurer Swiss Re.
Compre announced earlier this month that it had acquired the run-off re/insurance business of the UK branch of AG Insurance SA, and now the legacy specialist has announced its second acquisition of 2017.
The latest transaction relates to insurance and reinsurance business in run-off that was underwritten by RW Gibbon Ltd (Underwriting agencies) and RW Gibbon & Son Ltd (Gibbon pools), 1950 through 1972, and Compre has given reinsurer Swiss Re finality in respect of its involvement in the Gibbon pools, for an undisclosed fee.
“I am extremely pleased to announce our second acquisition this year and our first involving a Luxembourg counterparty. The transaction further underlines our ability to provide complete finality for complex pool arrangements and we hope to complete further transactions of this type during 2017,” said Nick Steer, Chief Executive Officer (CEO) of Compre.
This transaction takes the number of Compre portfolio deals to 23, and to date, the firm as acquired ten companies in run-off.
“Demand for portfolio transfer deals in continental Europe is certainly increasing as companies better understand the implications of Solvency II and look to focus on their core businesses and release capital tied up in supporting legacy liabilities,” said Steer.