29 March 2016 News

Compre completes two new acquisitions

Compre, the independent insurance and reinsurance legacy specialist, has signed agreements to acquire two books of business.

It will acquire QBE’s share of the Ridgwell Fox & Partners (RFP) pool legacy reinsurance business, a reinsurance pool containing certain run-off liabilities of QBE and five other carriers.

The transaction is structured as a loss portfolio transfer, to be followed by an insurance business transfer. The deal is intended to provide QBE with finality for its direct and indirect involvement with RFP. Compre will undertake the administration of the entire RFP pool.

In a separate transaction, Compre has signed agreements to acquire the international reinsurance business of a German mutual insurer, providing full economic, administrative and legal finality for its discontinued non-core international reinsurance business.

The is Compre’s second acquisition in Germany following that of Hamburger Internationale Rückversicherung (HIR) in 2014.

Nick Steer, CEO of Compre, said:  “We are extremely pleased to announce the signing of the QBE deal and the acquisition in Germany, both of which demonstrate our ability to provide a range of carriers with finality for their legacy businesses.

“Compre is an existing RFP pool member, through its ownership of Moorgate and HIR, and this acquisition offers us potential synergies. Demand for portfolio transfer deals in continental Europe is increasing and 2016 is likely to be a significant year as insurance CEOs look to focus on their core businesses and release capital tied up in supporting legacy liabilities.”

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