Compre Group, a Bermuda-domiciled legacy and reinsurance provider, has completed a reinsurance transaction with Accelerant, following approval by the Bermuda Monetary Authority.
The transaction, underwritten by Pallas Reinsurance Company, a subsidiary of Compre Group, will provide approximately US$150 million of cover on loss reserves.
The portfolio comprises a broad mix of US and European P&C liabilities, providing cover for Accelerant’s retention in the 2020 and 2021 underwriting years. Compre will also offer terms for future underwriting years as these become sufficiently developed.
Will Bridger, CEO of Compre, says: “This transaction demonstrates our ability to create a structured reinsurance solution that supports Accelerant’s strategic objectives. We look forward to our continued partnership with them.”
Jeff Radke, CEO of Accelerant, adds: “As we work to replatform the insurance industry, this marks another important step in the development of our risk exchange.”
