Compre acquires UK business of AG Insurance

Re/insurance legacy specialist Compre has acquired the entire UK business of Belgian re/insurance company AG Insurance in run-off for an undisclosed sum.

The acquisition is Compre’s 22nd deal. So far it has acquired ten companies in run-off.

Nick Steer, chief executive officer of Compre, said: “I am extremely pleased to announce our first acquisition of the year and our first involving a Belgian counterparty. This further enhances our reputation as a provider of legacy solutions across the European market and I look forward to further deal flow during the next year.”

The transaction is a loss portfolio transfer, to be followed by an insurance business transfer.