Compre acquires Norwegian legacy portfolio
London-based re/insurance legacy specialist Compre said on Aug. 21 that it has acquired a further legacy portfolio from major Norwegian insurer Gjensidige Forsikring ASA (Gjensidige).
The portfolio comprises US asbestos, pollution and health hazard (APH) risks underwritten between 1983 and 1985. The deal marks Compre’s 25th individual portfolio acquisition and its second from Gjensidige, after acquiring its marine and energy portfolio in February 2016.
Compre structured the transaction as a loss portfolio transfer followed by a business transfer, providing finality to the vendor in all respects. The arrangement also provides continuity as Compre currently manages all claims relating to the portfolio.
Nick Steer, CEO of Compre, said: “It gives me great pleasure to announce our fifth acquisition of the year and our second from leading Norwegian insurer Gjensidige Forsikring. Compre has a long track record of successfully managing US APH and this transaction is a further demonstration of our ability to provide large insurance groups with exit solutions for discontinued business.”
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