Compre Group Holdings Ltd, the Bermudian-domiciled international specialty reinsurance group, has announced a 2023 profit after tax of $279 million, the strongest result in its 30-year history.

The company said it follows a landmark year in which it completed five transactions.

Gross insurance reserves under management grew by 112 per cent year-on-year to $1.6 billion, driven by newly-acquired reserves of over $1 billion in the year.

The company finished the year with $2.4 billion of invested assets, benefiting from locking in investment yields at the peak of the interest rate cycle.

Tangible net asset value grew by 67 per cent in the year to $784 million and operating profit of $81 million grew by 15 per cent over the prior year.

The adjusted operating return on opening tangible equity was 19.9 per cent.

Invested assets increased by 110 per cent in the period and net investment income more than doubled to $48.7 million, benefiting from higher portfolio yields, enhancing earnings stability and predictability.

The company reported a capital ratio of 186 per cent, well above the minimum capital requirements with continued strong regulatory relationships.

Will Bridger, group CEO, Compre, said: “2023 has been a transformational year for Compre in many respects – we joined a select group of our peers that have closed transactions with reserves in excess of $1 billion.

“Compre continues to invest in its operating platform and has also made significant progress in building out its North American presence.”

He added: “We approach 2024 with an optimistic outlook to build on our success in 2023 and will continue to focus on the mid-market deal segment where pricing and the competitive environment remain attractive.”

Compre has operations in Bermuda, Finland, Germany, Ireland, Malta, Switzerland, the United Kingdom, United States and at Lloyd’s.