Compre completes second Lloyd’s RITC with Coverys - AXA LM syndicate
Compre, the international specialist legacy group, has completed its second Lloyd’s transaction, the reinsurance to close (RITC) of Syndicate 3330’s 2018 year of account into its recently established Lloyd’s Syndicate 1994, managed by Apollo, and the purchase of AXA DBIO II’s Corporate Member (subject to Lloyd’s approval).
The transaction will see Compre acquire the Sportscover portfolio written between 2006 and 2014 in Australia, Canada, the UK and Ireland, which provided accident, property, liability and related D&O and professional indemnity cover to amateur sports organisations. Syndicate 3330 is mainly backed by capital provided by AXA DBIO II, with Coverys acting as the managing agent and AXA Liabilities Managers (AXA LM) acting as run off managers.
Rob Margetts, head of Lloyd’s at Compre, said: “I am very pleased that Coverys and AXA LM have selected Compre as their partner for this deal. With this second RITC, we demonstrate our commitment to the Lloyd’s legacy market and the value our legacy solutions can add to syndicates and managing agents. The deal is also testament to Compre’s expertise in deal execution and our team’s outstanding reputation in the run-off space.”
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