REG - Compre Group Hldgs - Compre and Accelerant execute legacy transaction

Lloyds BankingAnnouncement

22/08/2024 18:30

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RNS Number : 4924B  Compre Group Holdings Limited  22 August 2024

 
 

 

 

 

 

Press release

 

22 August 2024

 

Compre and Accelerant execute legacy transaction

 

Compre Group Holdings Limited ("Compre"), the Bermuda-domiciled international
legacy and reinsurance group, today announced it has completed a legacy
reinsurance transaction with Accelerant, the data-driven risk exchange,
following approval by the Bermuda Monetary Authority. The transaction, which
has been underwritten by Compre's Bermuda-based reinsurer Pallas Reinsurance
Company Ltd., will provide approximately $150 million of cover on loss
reserves.

 

The portfolio comprises a broad mix of US and European property & casualty
liabilities, providing cover for Accelerant's retention on the 2020 and 2021
underwriting years. Compre will also offer terms for future underwriting years
as these become sufficiently developed.

 

The deal was brokered by Augment Risk and Compre's legal advisers were the UK
and US based teams from Willkie Farr & Gallagher.

 

Will Bridger, CEO, Compre said: "This transaction demonstrates our ability to
create a structured reinsurance solution that supports Accelerant's strategic
objectives. We look forward to our continued partnership with them."

 

Jeff Radke, CEO of Accelerant said: "As we work to replatform the insurance
industry, this marks another important step in the development of our Risk
Exchange."

 

Andrew Matson, CEO, Augment Risk, said: "We are pleased to have been able to
assist Accelerant on this pioneering transaction. It reflects our commitment
to creating long-term retrospective partnerships, and more broadly highlights
the importance of bespoke capital solutions as part of the value chain."

 

 

- Ends -

 

For further information please contact:

Compre

David Haggie / Richard Adams / Olivia Thomson, Haggie Partners

compre@haggie.co.uk

+44 20 7562 4444

 

Accelerant

Chelsea Allison

chelsea@cmand.co

312.775.2856

 

 

Augment Risk

Molly Griffin

+447960402330

molly.griffin@augmentrisk.com

 

About Compre:

Compre is a leading legacy specialist with more than 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,
Ireland, Malta, Switzerland, UK, USA and at Lloyd's.  www.compre-group.com
(http://www.compre-group.com/)

 

About Accelerant:

Accelerant is a data-driven risk exchange connecting underwriters of specialty
insurance risk with risk capital providers. Accelerant was founded in 2018 by
a group of long-time insurance industry executives and technology experts who
shared a vision of rebuilding the way risk is exchanged - so that it works
better, for everyone. The Accelerant Group was awarded an "A-" financial
strength rating by A.M. Best which recently affirmed the Group's stable
outlook. accelerant.ai

 

 

About Augment Risk:

Augment Risk (http://www.augmentrisk.com/) is an innovative risk capital and
reinsurance solutions broker, focused on designing and placing bespoke
protections for a variety of clients. With a wide range of solutions, Augment
Risk creates growth and equity value through tailored transactions to deliver
long-term capital and partnerships. Augment Risk's expertise extends beyond
reinsurance, allowing the company to disrupt the value chain and build
creative, value-accretive solutions for individual client needs. For more
information, please visit www.augmentrisk.com (http://www.augmentrisk.com/) .

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