REG - Compre Group Hldgs - Compre acquires German liability portfolio

Baloise Holding AGAnnouncement

15/08/2022 08:15

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RNS Number : 9282V  Compre Group Holdings Limited  15 August 2022

 
 

Press release

15 August 2022

 

 

Compre acquires German liability portfolio

 

Compre Group Holdings Limited ("Compre"), the Bermuda headquartered,
international legacy group, today announces it has acquired the hospital
liability ("MedMal") portfolio of German insurer Basler Sachversicherungs-AG
("Basler"), an entity of the Baloise Group, subject to regulatory approval by
the German Federal Financial Supervisory Authority ("BaFin"). Terms of the
transaction are not disclosed.

 

The deal, structured as a portfolio transfer, is a further milestone for
Compre, marking its ambition to build a centre of excellence for legacy MedMal
business in Europe. The portfolio mainly consists of underwriting years 2004
to 2018 and as such has been in run-off for several years. The transaction,
which is expected to close by year end 2022, includes the hospital liability
portfolio of Basler with technical liabilities of approximately EUR200
million.

 

Subject to the relevant regulatory approvals, the portfolio will transfer in
its entirety to Compre's Finnish subsidiary Bothnia International Insurance
Company Ltd. Compre will work closely with Detmold-based Ecclesia Group
Assekuranz Service GmbH, which will continue to provide claims support for
existing customers, ensuring smooth continuity of service for policyholders.

 

In addition, Compre also recently completed a two-tranche loss portfolio
transfer ("LPT") for an undisclosed European insurer, with the second tranche
covering unexpired risks on a pre-determined basis. This is the first time
Compre has underwritten a two-tranche LPT and is developing its pre-packaged
forward LPT proposition to deliver additional future income, while providing
greater certainty for its clients' future results.

 

Will Bridger Group CEO said: "I am delighted to announce our first acquisition
of pure European MedMal legacy liabilities and with a portfolio that is very
well known to us. This demonstrates Compre's strong client-service focus and
ability to provide highly tailored solutions to meet specific client needs."

 

Simon Hawkins CEO Europe added: "This transaction also demonstrates, after
Compre recently redomiciled to Bermuda, our commitment to executing legacy
deals in Europe as well as the Lloyd's and US legacy markets. While this is a
new class of business for Compre, it is very much a signal of our intent to
build MedMal into a significant additional area of specialisation."

 

- Ends -

For further information please contact:

Compre

David Haggie / Richard Adams / Olivia Thomson, Haggie
Partners

+44 20 7562 4444

 

About Compre:

Compre is a leading legacy specialist with over 30 years of experience in the
acquisition and management of discontinued and legacy non-life insurance and
reinsurance business. Compre has experience of acquiring most classes of
direct and reinsurance business, including general liability, marine and motor
liability, and US APH. Compre has operations in Bermuda, Finland, Germany,
Malta, Switzerland, UK, the US and at Lloyd's of London.

 

www.compre-group.com (http://www.compre-group.com)

 

 

 

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