- About us
- What we offer
- Where we operate
- News & Insight
- Investor relations
Compre, the independent (re)insurance legacy specialist, today announces it has signed three transactions involving Basler Versicherung AG (Baloise), Helvetia Swiss Insurance Company Ltd. (Helvetia), and an undisclosed insurance group.
Compre has acquired each company’s share of the Gibbon Pools, which comprise insurance and reinsurance business in run-off underwritten by RW Gibbon (Underwriting Agencies) Ltd. and RW Gibbon & Son Ltd. between 1950-1972. This follows similar deals in 2017, when Compre acquired the respective shares of AG Insurance SA (as part of a wider deal), AXA Insurance Ltd. and Swiss Re International SE in the Gibbon pools.
For Baloise, Compre has acquired its entire UK branch liabilities, which contain its share of the Gibbon Pools. The transaction, which also includes a small portfolio underwritten directly by the Swiss entity, is structured as an upfront loss portfolio transfer, followed by a Part VII transfer (subject to relevant regulatory approvals) to provide Baloise with complete finality with respect to its UK branch business. Compre has also provided finality solutions to Helvetia and the undisclosed insurance group for their shares of the Gibbon pools only.
Will Bridger, CEO of Compre, said: “I am extremely pleased to announce these transactions, consolidating a complex legacy London Market pool and delivering true finality for three highly reputable counterparties and in a variety of jurisdictions. My sincere thanks to everyone involved for all their hard work to achieve this great result.”