Printer Friendly

Legacy Specialist Compre Completes 3 Run-Off Acquisitions.

Legacy Specialist Compre Completes 3 Run-Off Acquisitions

Compre, the London-based independent re/insurance legacy specialist, announced it has signed three transactions involving Basler Versicherung AG (Baloise), Helvetia Swiss Insurance Co. Ltd. (Helvetia), and an undisclosed European insurance group.

Compre has acquired each company's share of the Gibbon Pools, which comprise insurance and reinsurance business in run-off underwritten by RW Gibbon (Underwriting Agencies) Ltd. and RW Gibbon & Son Ltd. between 1950-1972. This follows similar deals in 2017 when Compre acquired the respective shares of AG Insurance SA (as part of a wider deal), AXA Insurance Ltd. and Swiss Re International SE in the Gibbon pools.

Financial details of the transactions were not disclosed.

For Baloise, Compre has acquired its entire UK branch liabilities, which contain its share of the Gibbon Pools. The transaction, which also includes a small portfolio underwritten directly by the Swiss entity, is structured as an upfront loss portfolio transfer, followed by a Part VII transfer (subject to relevant regulatory approvals) to provide Baloise with complete finality with respect to its UK branch business.

Compre has also provided finality solutions to Helvetia and the undisclosed European insurance group for their shares of the Gibbon pools only.

"I am extremely pleased to announce these transactions, consolidating a complex legacy London Market pool and delivering true finality for three highly reputable counterparties and in a variety of jurisdictions. My sincere thanks to everyone involved for all their hard work to achieve this great result," said Will Bridger, CEO of Compre.

About Compre

With more than 30 years of experience in the acquisition and management of discontinued and legacy non-life insurance and reinsurance business, Compre said it has experience acquiring most classes of direct and reinsurance business, including general liability, marine and motor liability, and US APH. Compre is a European business with operations in Finland, Germany, Malta, Switzerland and the UK. Compre is managed by its five executive directors: Will Bridger, CEO; Mark Lawson, group actuarial director; Dr Hubertus Labes, managing director - Germany and Austria; Rhydian Williams, managing director - Operations, and Simon Hawkins, CFO.

Source: Compre

COPYRIGHT 2019 Wells Media Group, Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2019 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Insurance Journal
Geographic Code:4EUUK
Date:Jun 19, 2019
Previous Article:Caribbean Insurers' Net Income Rebounds After 2016-2017 Hurricane Seasons: AM Best.
Next Article:Vietnam Culls More Than 2.5M Pigs to Contain Deadly African Swine Fever: Officials.

Terms of use | Privacy policy | Copyright © 2022 Farlex, Inc. | Feedback | For webmasters |