Compre completes acquisition from Swiss Re
Compre Holdings Limited has completed the acquisition of AURORA Versicherungs AG, a Swiss insurance company in run-off, from Swiss Re following regulatory approval.
AURORA was acquired by Swiss Re in 2007 and has a portfolio of largely motor liability claims.
Claims handling is currently outsourced to specialists DEKRA Services in Geneva and Compre proposes to maintain the administration structures currently in place. AURORA had shareholders’ funds of CHF 11.4m at the end of December 2011.
Compre has actively sought growth in German speaking Europe for years; this is the company’s fourth transaction in Europe in the past 12 months.
“We are delighted to have acquired AURORA from Swiss Re and established a firm presence in Switzerland,” said Nick Steer, CEO of Compre. “This acquisition demonstrates our commitment to the German speaking insurance and reinsurance legacy markets. I believe the transaction enhances our reputation and is a clear statement of our credibility as a counterparty for major insurance and reinsurance groups considering finality for their legacy business.
“We are keen to grow our operations in Switzerland, Germany and Austria and will consider further transactions of portfolios or companies. We have worked closely with the team at Swiss Re to provide a smooth and efficient transfer of the business to Compre. Our thanks to them for their support in closing the transaction so smoothly. ”
Jason Richards, Managing Director for Claims, Accounting & Liability Management at Swiss Re, said: “We are delighted to have closed the sale of AURORA to Compre and wish them well with the company and in their strategy to grow their business in German speaking Europe and beyond”.
