Legacy firm Compre signs trio of acquisitions as part of run-off deal

Re/insurance legacy specialist Compre has made three acquisitions to “consolidate a complex legacy London Market pool”, involving Basler Versicherung AG (Baloise), Helvetia Swiss Insurance Company (Helvetia), and an undisclosed European insurance group.

The specialist has bought each company’s share of the Gibbon Pools, which is made up of insurance and reinsurance business in run-off, underwritten by RW Gibbon (Underwriting Agencies) and RW Gibbon & Son between 1950-1972.

It follows similar deals in 2017, when the firm brought the respective shares of AG Insurance SA, AXA Insurance and Swiss Re International SE in the Gibbon pools.

Compre has acquired Baloise’s entire UK branch liabilities, which include its share of the Gibbon Pools. The transaction, which includes a small portfolio underwritten directly by the Swiss entity, is structured as an upfront loss portfolio transfer, followed by a Part VII transfer. It will give Baloise complete finality for its UK branch business. The legacy firm has also provided similar deals to Helvetia and the undisclosed European insurance group for their shares of the Gibbon pools only.

Will Bridger, CEO of Compre, said: “I am extremely pleased to announce these transactions, consolidating a complex legacy London Market pool and delivering true finality for three highly reputable counterparties and in a variety of jurisdictions.”

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