Compre, the independent insurance and reinsurance legacy specialist, today announced the completion of a group-wide restructure, reducing its cost base in preparation for further acquisitions.
The run-off consolidator has so far undertaken three acquisitions in 2016 and will complete further deals in continental Europe by the end of the year.
A key aspect of the restructure has been the conversion of Compre-owned London & Leith Insurance Company Limited into a European company; a Societas Europaea (SE) – one of only seven insurance related SE companies registered in the UK. This involved merging L&L with another group company, converting that into a public limited company, concluding with its conversion to an SE. This reduces the number of companies in the group, bringing savings in administration, accounting, legal costs and management time.
The restructure has been carried out with no redundancies and further provides Compre with increased flexibility for the future.
Nick Steer, CEO of Compre, said: “As demand in Europe intensifies for transfer mechanisms to exit underperforming or non-core business, we are delighted to announce the completion of an important phase of our group-wide restructure, which strengthens our ability to meet demand and create additional value for clients. With a lower cost base and increased flexibility, Compre is well placed to capitalise on the opportunities in the run-off market during a significant period in its development.”