Compre, the international specialist legacy group, and SiriusPoint have reached an agreement for Compre to acquire a $417 million portfolio of legacy liabilities.
The transaction is structured as a loss portfolio transfer and will be underwritten by Compre’s class 3A Bermudian reinsurer, Pallas Reinsurance Company Ltd. (Pallas Re).
The portfolio in question comprises asbestos, environmental and workers’ compensation liabilities.
“I am delighted to announce this strategic milestone for Compre and Pallas Re,” said Compre CEO Will Bridger. This transaction will grow our balance sheet significantly and will accelerate our growth strategy in North America.”
Bridger continued: “This is a significant step in our ambitious growth plans and further demonstrates our capabilities in executing large transactions. We value our client relationship with SiriusPoint and have greatly enjoyed working with them on this transaction.”
“SiriusPoint is transferring its runoff business to legacy specialists, allowing us to redeploy capital internally to areas of strategic growth,” added Sid Sankaran, Chairman and Chief Executive Officer of SiriusPoint.
“Compre is a practitioner we have known and respected for some time. With their new ownership and equity they are in an ideal position to benefit from our runoff portfolio. I am very pleased our transaction creates opportunities for both of our businesses.”
Compre was advised by New York law firm Gerber Ciano Kelly Brady and PwC’s Actuarial team on this transaction, while SiriusPoint was advised by international law firm Clyde & Co.
