Independent UK-based runoff specialist Compre has struck its third deal of the year, acquiring reinsurance pool Ridgwell Fox & Partners (RFP) for an undisclosed sum.
Compre made the purchase from Wüstenrot & Württembergische (W&W), a German financial services group whose predecessor company signed shares in RFP for underwriting years 1978 to 1986.
The transaction, structured as a legal business transfer and approved by BaFin, provides W&W with complete finality regarding its involvement with RFP, which contains run-off liabilities of the German business group and five other carriers.
The latest deal follows Compre’s acquisitions of
QBE’s and
Allianz IARD’s RFP legacy reinsurance business in 2016. It is the 24th portfolio transaction of the company, which has acquired 10 firms in run-off.
“I am extremely pleased to announce our third acquisition of this year and our third involving a German counterparty, which highlights an increasing acceptance of business transfers as a viable solution available to owners of legacy portfolios across Europe,” said Compre CEO Nick Steer.
Related stories:
Compre announces second acquisition of 2017
Compre announces insurance acquisition
