Reinsurance legacy specialist Compre has agreed to acquire two portfolios of business from the UK and US branches of Assicurazioni Generali.
The acquisition, which includes APH and some UK employers liability business and represents combined liabilities of around €300 million, is Compre’s eighth of 2017 and its largest to date.
The deal is the first legacy transaction undertaken by Generali and represents part of its strategy to optimise capital allocation and boost operational efficiency.
The transaction is an upfront reinsurance solution by way of a loss portfolio transfer for both branches.
Legal business transfer for the liabilities for the UK branch portfolio will follow, subject to regulatory approval, while the US branch will remain as a longer-term reinsurance solution until appropriate legal transfer processes become more widely available in the US.
Compre has now acquired a total of 29 portfolios, as well as 11 companies with discontinued business.
Nick Steer, CEO of Compre, said: “In acquiring these portfolios Compre has completed its largest deal to date and our first with an Italian counterparty. Competing successfully in such a highly competitive process clearly demonstrates our appetite and ability to undertake larger-scale transactions and the high regard in which Compre is held by highly reputable reinsurers/insurers across Europe.”
