Compre acquires run-off portfolio from Allianz
Re/insurance legacy specialist Compre has agreed to acquire a portfolio of assumed non-life reinsurance business from Allianz Versicherungs for an undisclosed sum.
The business was originally underwritten by Vereinte Versicherung and its legal predecessors has been discontinued since the late 1990s.
The transaction, structured as a legal business transfer, has been approved by the German regulator, BaFin, and provides Allianz with finality in all respects for this portfolio.
The acquisition represents Compre’s 27th portfolio deal to date, in addition to 11 companies with discontinued business.#
Nick Steer, CEO of Compre, said: “I am extremely pleased to announce a further acquisition involving a German counterparty, which underlines our appetite and ability to provide finality for a broad spectrum of discontinued business in the German market.”
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