16 November 2017Insurance

Compre acquires run-off portfolio from Allianz

Re/insurance legacy specialist Compre has agreed to acquire a portfolio of assumed non-life reinsurance business from Allianz Versicherungs for an undisclosed sum.

The business was originally underwritten by Vereinte Versicherung and its legal predecessors has been discontinued since the late 1990s.

The transaction, structured as a legal business transfer, has been approved by the German regulator, BaFin, and provides Allianz with finality in all respects for this portfolio.

The acquisition represents Compre’s 27th portfolio deal to date, in addition to 11 companies with discontinued business.#

Nick Steer, CEO of Compre, said: “I am extremely pleased to announce a further acquisition involving a German counterparty, which underlines our appetite and ability to provide finality for a broad spectrum of discontinued business in the German market.”

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More on this story

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4 September 2017   Re/insurance legacy specialist Compre has provided a legacy solution to a portfolio of AXA Insurance, a unit based in Switzerland that was formerly called Winterthur Swiss Insurance Company.
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4 December 2017   Re/insurance legacy specialist Compre has revealed that its founding director Nick Steer is stepping down as group CEO, effective March 2018.
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11 May 2018   Compre, a European re/insurance legacy specialist focused on the acquisition and management of discontinued non-life portfolios, has hired QBE's Simon Hawkins as new chief operating officer (COO).