15 June 2016 Insurance

Compre acquires Allianz IARD pool legacy business

Re/insurance legacy specialist Compre has agreed to acquire Allianz IARD’s Ridgwell Fox & Partners (RFP) pool legacy reinsurance business, its fourth acquisition of 2016.

RFP is a reinsurance pool containing run-off liabilities of Allianz IARD and five other carriers.

The deal is structured as a loss portfolio transfer followed by a legal business transfer, subject to relevant approvals.

The transaction follows Compre’s acquisition in March of QBE’s RFP legacy reinsurance business.

Nick Steer, chief executive officer of Compre, said: “I am extremely pleased to announce our fourth acquisition of the year, which highlights the increased appetite in Europe for legacy services.

“This transaction further demonstrates Compre’s reputation as a trusted partner, able to provide tailored legacy solutions for large and well-established re/insurance companies. It also underlines our ability to provide complete finality for complex pool arrangements and we hope to complete further transactions of this type during 2016.”

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