We’re just three weeks into 2017 but independent re/insurance legacy specialist Compre has already made its second acquisition of the year.
The firm recently announced that it had provided a legacy solution to
Swiss Re International, a company incorporated in Luxembourg.
The transaction is regarding the re/insurance business in run-off underwritten by RW Gibbon Underwriting Agencies Ltd and RW Gibbon & Son Ltd (Gibbon pools) from 1950 to 1972.
Compre provided Swiss Re Int with finality relating to its participation in the Gibbon pools for an undisclosed sum.
“I am extremely pleased to announce our second acquisition this year and our first involving a Luxembourg counterparty,” said Compre CEO Nick Steer. “The transaction further underlines our ability to provide complete finality for complex pool arrangements and we hope to complete further transactions of this type during 2017.”
“Demand for portfolio transfer deals in continental Europe is certainly increasing as companies better understand the implications of Solvency II and look to focus on their core businesses and release capital tied up in supporting legacy liabilities,” Steer added.
The latest acquisition represents the 23rd portfolio deal of Compre, which has so far acquired 10 companies in run-off.
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