Compre, an insurance and reinsurance legacy specialist, has established a protected cell company (PCC) in Malta, after receiving approval from the Malta Financial Services Authority (MFSA).
Compre has transferred London & Leith Insurance from its current UK location to Malta, where it will be established as a PCC.
London & Leith Insurance PCC will acquire portfolios of discontinued non-life insurance and reinsurance business.
According to Compre, the move will allow greater flexibility to undertake transactions, and will enhance the firm’s ability to provide finality for customers transferring portfolios and selling books of business or entire companies.
At the same time, Compre has secured additional funds for further acquisitions through a revolving credit facility with the Royal Bank of Scotland, to enhance its borrowing capacity.
Nick Steer, CEO of Compre, said: “Gaining permission to provide finality solutions out of Malta, and the ability to use individual cells for particular business, marks an important step in the next phase of Compre’s development.”
Steer added: “This is the culmination of plans we have had for many years. With the added ability to transfer new and existing portfolios into Malta, Compre becomes a far more agile business. We are in a stronger position to meet demand and capitalise on new run-off opportunities. Meanwhile, the agreement with RBS significantly boosts our firepower for acquisitions of a broader type and scale.”
Compre has clarified that the move to Malta was not made in response to Brexit.
