Bermuda-headquartered international legacy group Compre Group Holdings is to acquire a workers’ compensation legacy portfolio of SUNZ Insurance Company.
Approved by the Bermuda Monetary Authority, the transaction is structured as a loss portfolio transfer and has been underwritten by Compre’s class 3B Bermudian insurer, Pallas Reinsurance Company.
The portfolio comprises large deductible and guaranteed-cost workers’ compensation policies, according to Compre.
The Capital Advisory and Solutions team at Acrisure Re acted as a broker in this transaction.
David Presley, CEO at Compre North America says: “The signing of this transaction was particularly attractive given SUNZ’s track record of excellent underwriting, strong claims handling and experienced management team.
“Compre has decades of experience in workers’ compensation and we continue to build on this as a centre of excellence within our business. We look forward to continuing our partnership with SUNZ to support their expansion and strategic growth and remain focused on collaborating closely with all our clients to help achieve their objectives.”
Jeffrey Marshall, chief financial officer and executive vice president of SUNZ Insurance adds: “This LPT provides SUNZ with the most efficient solution to support our growth projections. We appreciate Compre’s professionalism and partnership approach throughout this process, including their strong focus and expertise in providing workers’ compensation insurance solutions.”
