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Compre, the international specialist legacy group, and SiriusPoint Ltd. (NYSE: SPNT) (“SiriusPoint”) today announce that they have reached an agreement for Compre to acquire a US$417 million portfolio of legacy liabilities, subject to regulatory approval.
The transaction, structured as a loss portfolio transfer, will be underwritten by Compre’s class 3A Bermudian reinsurer, Pallas Reinsurance Company Ltd. (“Pallas Re”) and the portfolio comprises asbestos, environmental and workers’ compensation liabilities.
Compre CEO Will Bridger said: “I am delighted to announce this strategic milestone for Compre and Pallas Re. This transaction will grow our balance sheet significantly and will accelerate our growth strategy in North America. This is a significant step in our ambitious growth plans and further demonstrates our capabilities in executing large transactions. We value our client relationship with SiriusPoint and have greatly enjoyed working with them on this transaction.”
“SiriusPoint is transferring its runoff business to legacy specialists, allowing us to redeploy capital internally to areas of strategic growth,” said Sid Sankaran, Chairman and Chief Executive Officer of SiriusPoint. “Compre is a practitioner we have known and respected for some time. With their new ownership and equity they are in an ideal position to benefit from our runoff portfolio. I am very pleased our transaction creates opportunities for both of our businesses.”
Compre was advised by New York law firm Gerber Ciano Kelly Brady and PwC’s Actuarial team. SiriusPoint was advised by international law firm Clyde & Co.