Compre acquires run-off portfolio from AXA Insurance
Re/insurance legacy specialist Compre has provided a legacy solution to a portfolio of AXA Insurance, a unit based in Switzerland that was formerly called Winterthur Swiss Insurance Company.
The acquired portfolio of re/insurance business in run-off was underwritten by RW Gibbon (Underwriting Agencies) and RW Gibbon & Son (the Gibbon pools) between 1962-1964.
Compre has provided AXA with finality in all respects regarding its participation in the Gibbon pools for an undisclosed sum.
"I am extremely pleased to announce our sixth acquisition this year and our third involving the Gibbon pools," said Nick Steer, CEO of Compre. "This follows a similar deal with Swiss Re International SE in January and fulfils our ambition of completing another pool-arrangement transaction this year.
"It underlines the demand for run-off solutions, and our expertise in providing finality for complex pool arrangements, and further highlights our excellent reputation among large European insurance groups."
The acquisition represents Compre’s 26th portfolio deal and to date it has acquired 10 companies in run-off.
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