Compre has acquired an insurance and reinsurance business in run-off at Swiss Re International in Luxembourg, for an undisclosed sum.
The acquisition is in relation to business underwritten by RW Gibbon Underwriting Agencies and RW Gibbon & Son in between 1950 and 1972.
Nick Steer, CEO of Compre, said he was “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.”
Compre also agreed to acquire the UK branch of AG Insurance SA, an insurance and reinsurance business in run-off, for an undisclosed figure earlier this month.
Compre has now acquired 10 companies in run-off.
