European legacy specialist Compre has swooped to bring finality to the UK branch of one insurance business.
The independent firm which acquires companies in run-off, transfers legacy business portfolios and more, has agreed to acquire all of the insurance and reinsurance business in run-off of the UK branch of AG Insurance SA for an undisclosed sum.
The transaction is structured as a loss portfolio transfer, to be followed by an insurance business transfer subject to relevant approvals in Belgium, Finland and the UK. This will provide AG Insurance with complete finality regarding its UK branch business. The acquisition represents Compre’s 22nd portfolio deal and to date Compre has acquired 10 companies in run-off.
“I am extremely pleased to announce our first acquisition of the year and our first involving a Belgian counterparty,” commented Nick Steer, CEO of Compre. “This further enhances our reputation as a provider of legacy solutions across the European market and I look forward to further deal flow during the next year.”
