SiriusPoint, Compre in $1.3bn loss portfolio transfer deal

Global specialty re/insurer SiriusPoint has completed a $1.3 billion loss portfolio transfer of its reserves with legacy specialist Compre.

The significant ground-up loss portfolio transfer (LPT) of a diversified portfolio of primarily reinsurance business is the second that the companies have partnered on.

Under the deal, Compre assumed approximately $1.3 billion of reserves and the LPT has been underwritten by Compre’s class 3B Bermudian reinsurer, Pallas Reinsurance Company.

The portfolio comprises several classes of business from 2021 and prior underwriting years. SiriusPoint retains claims handling authority on ongoing business.

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