Reinsurance News

Compre to acquire Irish subsidiary of Covéa

21st October 2022 - Author: Jack Willard

Bermuda-headquartered international legacy group, Compre has announced that it has signed agreements to acquire the Irish subsidiary of Covéa, Medical Insurance Company DAC (MIC), which provided general liability insurance covering professional medical malpractice risks.

The transaction is subject to regulatory approvals.

Moreover, the acquisition represents a further step in Compre’s ambition to build a centre of excellence for medical malpractice (MedMal) in Europe.

It was recently announced that Compre, had acquired the hospital liability (MedMal) portfolio of German insurer Basler Sachversicherungs-AG, an entity of the Baloise Group.

“I am delighted to announce our third acquisition of European MedMal legacy liabilities this year,” said Simon Hawkins, CEO Europe.

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“This transaction further demonstrates our client-focused approach, where we worked closely with Covéa to ensure their objectives were realised. We look forward to working with the MIC team and providing best in class claims service to MIC’s policyholders.”

Meanwhile, in June, Compre raised $200 million equivalent of subordinated Tier 2 debt in two tranches from a group of institutional investors. The net proceeds will be used by Compre for general corporate purposes, but the company also noted that it will also be used to support growth following their acquisition of a $417 million legacy liability portfolio from SiriusPoint last year.

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