British Columbia Investment Management Corporation (BCI) and international private equity firm Cinven have reached an agreement to acquire Compre – a specialist global consolidator of closed books of non-life insurance policies – from CBPE Capital LLP.
The financial details of the transaction were not disclosed. It is expected to close sometime during the second quarter of 2021, subject to regulatory approval.
Founded in 1991, Compre is focused on the acquisition and management of discontinued (aka, “run-off) non-life insurance portfolios. The firm has operations in the UK, Bermuda, Finland, Germany, Malta and Switzerland, and has acquired portfolios from major re/insurers such as Allianz, Generali, HSBC and Swiss Re.
“Cinven is delighted to be investing in Compre alongside BCI. Over the last 30 years Compre has built a proven platform in the highly specialised insurance and reinsurance run-off market, and a reputation amongst its clients for consistently creating and realising value,” said Cinven partner Luigi Sbrozzi, adding that Compre is “extremely well-placed to access new growth markets” such as the US and Lloyd’s.
“We are impressed by the quality of the platform built by Will Bridger and his team and are excited to partner alongside Cinven to support the continued growth of the business,” commented BCI executive vice president & global head of private equity Jim Pittman. “BCI's investment in Compre follows as a result of our proactive, sector focused origination strategy and relationship building efforts with the company.”
“We are also delighted to be partnering with Cinven and BCI as we embark upon our next phase of growth,” said Compre CEO Will Bridger.
Bridger noted that the year 2020 has been “historic” for Compre; in this year alone, the company completed its first US transaction, launched its Bermuda-based reinsurer, and now gained new shareholders that would support its further business growth.
Cinven’s previous investments in the European insurance segment include Guardian Financial Services in the UK, Eurovita in Italy, and Viridium in Germany. Cinven also recently announced its agreement to acquire specialist insurance broker Miller.
Meanwhile, BIC has made a number of investments in financial services companies in recent times, such as Hayfin Capital Management, Verifone, and BMS Group.
