SiriusPoint completes sale of liability portfolio to Compre
Compre, the international specialist legacy group with an operation in Bermuda, has completed the acquisition of a $417-million legacy liability portfolio of SiriusPoint Ltd, the Bermuda-headquartered global specialty re/insurer, having received all necessary regulatory approvals.
The companies said that the transaction, structured as a loss portfolio transfer, has been underwritten by Compre’s class 3A Bermudian reinsurer, Pallas Reinsurance Company Ltd. The portfolio comprises asbestos, environmental and workers’ compensation liabilities.
Compre CEO Will Bridger said: “I am extremely pleased to announce the completion of our transaction with SiriusPoint, which is another milestone for Compre in further building our presence in the US market.
“This transaction also demonstrates our growing capabilities and capacity while continuing to provide a bespoke service to our clients.”
Compre said that it 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, the United Kingdom and at Lloyd’s.
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