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Press release

27 June 2022

Compre issues subordinated debt to support growth ambitions

Compre, the international specialist legacy group, today announces that it has raised c.$200m equivalent of subordinated Tier 2 debt in two tranches from a group of institutional investors.

Tranche one consists of US Dollar-denominated fixed rate notes of $160m, and the second tranche consists of Euro-denominated floating rate notes of €37.5m (c.$40m). The investors in the notes are specialist international investment funds. Compre was supported in the issuances by Goldman Sachs International as Sole Lead Manager.

The net proceeds of the issue of the notes will be used by Compre for its general corporate purposes, including the refinancing of existing senior indebtedness. This transaction will support Compre’s growth ambitions following a highly successful 2021 in which it acquired approximately £400m of new business including its largest transaction to date with SiriusPoint, while also further optimising the group’s regulatory capital structure.

Ian Patrick, group chief financial officer of Compre who led the issue, said: “Compre is extremely proud to have completed this debt raise, which was a considerable achievement given the current economic environment. I would like to thank all of our investors, advisers and our team who helped to deliver this, which, in turn, will enable Compre to deliver further growth and fully capitalise on our potential.”

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For further information please contact:

Compre

David Haggie / Richard Adams / Olivia Thomson, Haggie Partners

+44 20 7562 4444

About Compre:

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, UK, USA, and at Lloyd’s.

www.compre-group.com

Disclaimer

The distribution of this press release may be restricted by law and any person into whose possession this press release comes should inform themselves about and observe any restrictions.  This press release is not directed to, and is not intended for distribution to or use by, any person or entity in any jurisdiction where such distribution, publication or use would be contrary to law or regulation or which would require any registration within such jurisdiction.  This press release is not intended to, and does not constitute, or form part of, an offer to sell or an invitation to purchase or subscribe for any of the securities discussed herein (the “Notes”) nor shall there by any offer, solicitation or sale of the Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful.

The Notes have not been and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act“), or with any securities regulatory authority of any state in of the United States or other jurisdiction and the Notes may not be offered, sold, pledged or otherwise transferred within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state or local securities laws.

Neither this announcement nor the offering memoranda prepared in respect of the Notes constitutes a prospectus for the purposes of Part VI of the Financial Services and Markets Act 2000, Regulation (EU) 2017/1129 or that Regulation as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“EUWA”), and no such prospectus has been or will be prepared.

Manufacturer target market (UK MiFIR and EU MIFID II product governance) is eligible counterparties and professional clients only (all appropriate distribution channels). No key information document (KID) under Regulation (EU) No. 1286/2014 or that Regulation as it forms part of UK domestic law by virtue of the EUWA has been prepared as the Notes are not available to retail investors in the European Economic Area or the United Kingdom.

This press release contains certain forward-looking statements regarding the intent, belief or current expectations of Compre and its management team. Any such forward-looking statements speak only as of the date they are made, are not guarantees of future performance and involve risks and uncertainties. Actual events and results may differ materially from those projected in the forward-looking statements as a result of various factors. Compre does not undertake any obligation to update any forward-looking statements or publicly announce any updates or revisions to any of the forward-looking statements contained herein, to reflect any change in its expectations with regard thereto or any change in events, conditions, circumstances or assumptions underlying such statements, except as required by law.