Compre Group Holdings, an international legacy group headquartered in Bermuda, has announced that it has signed agreements to acquire a workers’ compensation legacy portfolio from SUNZ Insurance Company.
The portfolio is made up of large-deductible and guaranteed-cost workers’ compensation policies, Compre said.
The transaction has been approved by the Bermuda Monetary Authority. It is structured as a loss portfolio transfer and has been underwritten by Pallas Reinsurance Company, Compre’s class 3B Bermudian reinsurer.
“We are very pleased to announce the signing of this transaction, which was particularly attractive given SUNZ’s track record of excellent underwriting, strong claims handling and experienced management team,” said David Presley, CEO of Compre North America. “Compre has decades of experience in workers’ compensation and we continue to build on this as a center of excellence within our business. We look forward to continuing our partnership with SUNZ to support their expansion and strategic growth, and remain focused on collaborating closely with all our clients to help achieve their objectives.”
“This LPT provides SUNZ with the most efficient solution to support our growth projections,” said Jeffrey Marshall, chief financial officer and executive vice president at SUNZ. “We appreciate Compre’s professionalism and partnership approach throughout this process, including their strong focus and expertise in providing workers’ compensation insurance solutions.”
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