Compre, the international specialist legacy group, today announces the completion of its acquisition of a US$417 million legacy liability portfolio of SiriusPoint Ltd. (NYSE: SPNT) (“SiriusPoint”), having received all necessary regulatory approvals.
The transaction, structured as a loss portfolio transfer, has been underwritten by Compre’s class 3A Bermudian reinsurer, Pallas Reinsurance Company Ltd. (“Pallas Re”). The portfolio comprises asbestos, environmental, and workers’ compensation liabilities.
Compre CEO Will Bridger said: “I am extremely pleased to announce the completion of our transaction with SiriusPoint, which is another milestone for Compre in further building our presence in the US market. This transaction also demonstrates our growing capabilities and capacity, while continuing to provide a bespoke service to our clients.”
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For further information please contact:
David Haggie / Richard Adams / Shipra Khanna, Haggie Partners
+44 20 7562 4444
Compre is a leading legacy specialist with over 30 years of experience in the acquisition and management of discontinued and legacy non-life insurance and reinsurance business. Compre has experience of acquiring most classes of direct and reinsurance business, including general liability, marine and motor liability, and US APH. Compre has operations in Bermuda, Finland, Germany, Malta, Switzerland, the UK and at Lloyd’s.