Independent insurance and reinsurance legacy specialist Compre has been on an acquisition spree, completing its eighth for the year.
Compre’s largest to date, this latest acquisition involves Italian insurance giant Assicurazioni
Generali S.p.A. Emerging as the successful bidder in what was described as a highly competitive tendering process, Compre is acquiring two portfolios of business from
Generali’s respective UK and US branches.
This is the first legacy transaction to be undertaken by Generali, which is
streamlining its operations and optimising capital allocation. Representing combined liabilities of around €300 million, the portfolios have been in run-off since the early 2000s.
According to Compre, the transaction is structured as an upfront reinsurance solution by way of a loss portfolio transfer for both branches. It brings the firm’s total number of portfolios acquired to 29, not to mention the 11 companies with discontinued business Compre has snapped up.
“In acquiring these portfolios, Compre has completed its largest deal to date and our first with an Italian counterparty,” noted Compre chief executive Nick Steer. “Competing successfully in such a highly competitive process clearly demonstrates our appetite and ability to undertake larger-scale transactions and the high regard in which Compre is held by highly reputable re/insurers across Europe.”
With operations in Finland, Germany, Sweden, Switzerland, and the UK, Compre has more than three decades of experience in the acquisition and management of insurance and reinsurance companies and portfolios in run-off.
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