Compre finalizes acquisitions of two European liability portfolios
Compre finalizes acquisitions of two European liability portfolios | Insurance Business Canada
Reinsurance
Compre finalizes acquisitions of two European liability portfolios
Acquisition allows the firm’s Bermudian reinsurer to underwrite approximately €200 million in reserves
Reinsurance
By
Kenneth Araullo
Legacy specialist Compre has completed the acquisition of two European casualty and motor liability portfolios from undisclosed international insurance groups. The transaction has received all the necessary approvals from Bermudian and European regulatory authorities.
The acquisition allows Pallas Reinsurance Company Ltd., Compre’s class 3B Bermudian reinsurer, to underwrite approximately €200 million in reserves. These reserves are spread across several European countries, including France, Germany, Italy, and the Netherlands.
The deal is also expected to provide economic and operational finality for both the client insurance groups involved.
“We are delighted to have been able to assist our clients in achieving their strategic objectives with regard to these portfolios and look forward to working to achieve an excellent outcome for all stakeholders,” Compre European claims director Marialuisa Petrella said.
“I am extremely pleased to announce these additional transactions, having worked closely with our clients to structure solutions that meet their capital and operational objectives. These transactions demonstrate how our experience in the European liability market continues to be valued by our clients following an excellent year for Compre in 2023,” Compre Europe CEO Simon Hawkins said.
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