Bermuda-domiciled Compre has appointed David Atkins to the newly created position of deputy CEO, adding leadership capacity as the legacy reinsurer navigates a sharp financial reversal and pursues aggressive expansion across North America and Europe.
The appointment, subject to regulatory approval, comes after Compre swung from a US$279.4 million profit in 2023 – described as the strongest result in its 30-year history – to a US$128.5 million net loss in 2024.
CEO Will Bridger attributed the reversal to global deal volume falling 18% below 2023 levels and reserve strengthening on business acquired in 2020 and earlier.
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Atkins will report to Bridger and is scheduled to begin July 1 from the company's London office, overseeing operations, risk, actuarial, claims and people functions.
The deputy CEO role addresses mounting operational demands as Compre has acquired more than US$1.7 billion in new reserves since early 2022. Gross insurance reserves under management surged 112% year-on-year in 2023 to US$1.6 billion, driven by newly acquired reserves exceeding US$1 billion, company filings show.
The largest transaction was approximately US$1.3 billion in net reserves from Bermuda-based SiriusPont, marking a step-change in deal size for the private equity-backed reinsurer.
Compre now operates across nine jurisdictions including Bermuda, Finland, Germany, Ireland, Malta, Switzerland, the UK, the US and at Lloyd's of London.
The April 2025 acquisition of CSE Group – Compre's second Covéa transaction – provided two California-domiciled licensed insurance carriers, establishing a stronger North American foothold.
Beyond legacy acquisitions, Bridger revealed that Compre has begun evaluating opportunities to underwrite prospective reinsurance alongside its core retrospective covers.
The strategy shift gained traction in January when Compre participated in George Street Re, QBE Re's first casualty sidecar exceeding US$550 million in fully collateralized quota share reinsurance.
Read more: Compre, Wakam ink €140 million loss portfolio transfer with forward-flow option
Bridger said in April that deal flow has been strong in early 2025, suggesting momentum is building after last year's downturn. Investment income nearly doubled to US$92.1 million in 2024 from US$48.6 million in 2023, providing operational resilience despite underwriting losses.
Atkins joins from Premia, where he served as chief operating officer for five years overseeing operational delivery and integration. He spent 17 years at legacy specialist Enstar prior to Premia, holding senior leadership positions across operations and strategy.
"David brings deep experience of operating and scaling complex reinsurance platforms in our market," Bridger said, adding the appointment strengthens leadership structure as Compre continues to grow.
Compre maintained a Bermuda Solvency Coverage Requirement Ratio of 187% despite the 2024 loss.
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