Compre, the independent insurance and reinsurance legacy specialist, today announces it has provided a legacy solution to Swiss Re International SE (Swiss Re Int), a company incorporated in Luxembourg.
The transaction is in respect of insurance and reinsurance business in run-off underwritten by RW Gibbon (Underwriting Agencies) Ltd and RW Gibbon & Son Ltd (the Gibbon pools) in the years 1950-1972. Compre has provided Swiss Re Int with finality in respect of its participation in the Gibbon pools for an undisclosed sum.
The acquisition represents Compre’s 23rd 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 second acquisition this year and our first involving a Luxembourg counterparty. The transaction further underlines our ability to provide complete finality for complex pool arrangements and we hope to complete further transactions of this type during 2017. Demand for portfolio transfer deals in continental Europe is certainly increasing as companies better understand the implications of Solvency 2 and look to focus on their core businesses and release capital tied up in supporting legacy liabilities.”