Compre, the international legacy group headquartered in Bermuda, has announced it has received regulatory approval to acquire the French medical malpractice portfolio from a European-based insurer for an undisclosed sum.

The company said the deal, structured as a loss portfolio transfer to be followed by a legal transfer, is a further significant transaction that supports Compre’s ambition to build a centre of excellence for “medmal” in Europe.

The portfolio contains legacy, live and prospective risks through 2023. The transaction was brokered by Guy Carpenter.

Simon Hawkins, CEO Europe, said: “I am delighted to announce our second acquisition of European medmal legacy liabilities.

“We worked closely with the insurer to ensure the structure optimises capital release and provides operational finality.

“This transaction further demonstrates our client-focused approach, which ensured our client’s objectives were realised, and our commitment to building a centre of excellence for medmal in Europe.”

Compre is a leading legacy specialist with more than 30 years of experience in the acquisition and management of discontinued and legacy non-life insurance and reinsurance business.

The company has experience of acquiring most classes of direct and reinsurance business, including general liability, marine and motor liability, and US APH.

Compre has operations in Bermuda, Finland, Germany, Malta, Switzerland, Britain, the United States and at Lloyd’s of London.