Compre, the independent insurance and reinsurance legacy specialist, today announces it has agreed to acquire Wüstenrot & Württembergische (W&W) AG’s Ridgwell Fox & Partners (RFP) pool legacy reinsurance business for an undisclosed sum. The W&W predecessor company, Württembergische Feuerversicherung AG, signed shares in RFP for underwriting years 1978 – 1986.
RFP is a reinsurance pool containing run-off liabilities of W&W and five other carriers. The deal follows Compre’s acquisitions of QBE’s and Allianz IARD’s RFP legacy reinsurance business in 2016. The transaction, structured as a legal business transfer and approved by BaFin, provides W&W with complete finality regarding its involvement with RFP. The acquisition represents Compre’s 24th portfolio deal and to date Compre has acquired 10 companies in run-off.
Nick Steer, CEO of Compre, said: “I am extremely pleased to announce our third acquisition of this year and our third involving a German counterparty, which highlights an increasing acceptance of business transfers as a viable solution available to owners of legacy portfolios across Europe.”