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27 June 2022Insurance

Legacy specialist Compre eyes more growth with ~$200m debt raise

Legacy specialist  Compre has raised around $200 million of subordinated Tier 2 debt in two tranches from a group of institutional investors as it looks to fund further growth.

Tranche one consists of US Dollar-denominated fixed rate notes of $160 million, and the second tranche consists of Euro-denominated floating rate notes of €37.5 million (c.$40 million).

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.

Compre said the transaction aims to support its growth ambitions following a “highly successful” 2021 in which it acquired approximately £400 million 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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