Compre receives approval for Generali legacy deal

Re/insurance legacy specialist Compre has received regulatory approval from IVASS, the Institute for the Supervision of Insurance in Italy, and all other relevant regulators for the acquisition of two portfolios from Assicurazioni Generali (Generali).

In December 2017 Italy’s Generali revealed it was selling a non-life run-off portfolio of its UK branch to Compre Group.

This transaction provides legal finality for Generali in relation to its legacy liabilities held by the UK branch, according to a corporate statement. This is part of Generali’s strategy to optimise capital allocation and further increase operational efficiency.

Compre transferred operational and claims responsibility for the acquired business in April 2018. The legal transfer represents the final process in delivering full economic, legal and operational finality within 12 months of the agreement signed in December 2017.

Will Bridger, co-CEO of Compre, said: “The approval from IVASS is the conclusion of a remarkable process. This is a landmark deal in many ways, as the first Italian transfer completed by Compre and the largest portfolio acquired by our firm”.