Compre acquires energy legacy portfolio of Gjensidige

Compre, the independent insurance and reinsurance legacy specialist, has completed the acquisition of the Gjensidige marine and energy legacy portfolio of Norwegian insurer Gjensidige Forsikring (Gjensidige).

The acquisition represents Compre’s 18th portfolio deal. To date, Compre has acquired 10 companies in run-off.

The transaction supports Compre’s strategic ambition of growing net tangible asset value by acquiring legacy insurance portfolios and managing those portfolios to create value.

Compre devised a solution for Gjensidige’s worldwide marine and energy business, comprising mainly long-tail liability claims. The deal has released Gjensidige from the need to provide succession management for claims and enabled the company to devote its full attention to its core business.

Nick Steer, chief executive officer of Compre, said: “I am extremely pleased to announce the completion of this transaction, which is the first of several that Compre expect to undertake this year.

“This further demonstrates Compre’s ability to provide large insurance groups with exit solutions for their discontinued lines of business.”