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Compre, the independent discontinued insurance and reinsurance business specialist, today announces it has agreed to acquire a portfolio of assumed non-life reinsurance business from Allianz Versicherungs AG (“Allianz”) for an undisclosed sum. The business was originally underwritten by Vereinte Versicherung AG and its legal predecessors and has been discontinued since the late 1990’s.
The transaction, structured as a legal business transfer, has been approved by the German regulator, BaFin, and provides Allianz with finality in all respects for this portfolio. The acquisition represents Compre’s 27th portfolio deal to date, in addition to 11 companies with discontinued business.
Nick Steer, CEO of Compre, said: “I am extremely pleased to announce a further acquisition involving a German counterparty, which underlines our appetite and ability to provide finality for a broad spectrum of discontinued business in the German market.”