Compre acquires run-off portfolio from Swiss Re
Re/insurance legacy specialist Compre has completed its second acquisition of 2017.
It has acquired re/insurance business in run-off underwritten by RW Gibbon Underwriting Agencies and the Gibbon pools in the years 1950-1972 from Swiss Re International, the Luxembourg-based subsidiary of Swiss Re Corporate Solutions.
Compre said it has “provided Swiss Re with finality in respect of its participation in the Gibbon pools for an undisclosed sum”.
The acquisition represents Compre’s 23rd portfolio deal and to date Compre has acquired 10 companies in run-off.
Nick Steer, chief executive officer of Compre, said: “I am extremely pleased to announce our second acquisition this year and our first involving a Luxembourg counterparty.
"The transaction further underlines our ability to provide complete finality for complex pool arrangements and we hope to complete further transactions of this type during 2017.
"Demand for portfolio transfer deals in continental Europe is certainly increasing as companies better understand the implications of Solvency II and look to focus on their core businesses and release capital tied up in supporting legacy liabilities.”
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