Bermuda-based insurer and reinsurer SiriusPoint, and global legacy acquirer, Compre, have completed their previously announced $1.3 billion ground-up reinsurance loss portfolio transfer (LPT), underwritten by Pallas Reinsurance Company Ltd.
This LPT was first announced in early March and sees Compre assume around $1.3 billion of reserves related to a diversified portfolio of primarily reinsurance business.
Underwritten by Pallas Reinsurance, which is Compre’s class 3B Bermudian reinsurer, the portfolio is made up of several classes of business from 2021 and prior underwriting years.
Under the terms of the LPT, SiriusPoint retains claims handling authority on ongoing business.
This is the second significant LPT between the two companies, following the transfer of a $417 million legacy liability portfolio from SiriusPoint to Compre in November 2021.
On this latest transaction, SiriusPoint was advised by reinsurance broker Gallagher Re and global law firm Mayer Brown LLP, and Compre was advised by law firm Debevoise & Plimpton LLP and EY, a British multinational professional services partnership based in London.
