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Reinsurance legacy specialist Compre has received full regulatory approval for the acquisition of two portfolios from Assicurazioni Generali, marking the completion of its largest portfolio acquisition to date.
Compre agreed to acquire the portfolios in December 2017, and, due to its unique migration process, transferred operational and claims responsibility for the acquired business in April this year.
Regulatory approval has now been received from the Italian Institute for the Supervision of Insurance, IVASS, and all other relevant regulators.
The legal transfer represents the final process in delivering complete economic, legal and operation finality within 12 months of the original signed agreement.
The transaction is part of Generali’s strategy to optimise capital allocation and increase operational efficiency and provides the company legal finality in relation to its legacy to its legacy liabilities held by the UK branch.
The total consideration for the transaction has not been disclosed.
Will Bridger, co-CEO of Compre, said the regulatory approval was the “conclusion of a remarkable process”.
He stated: “This is a landmark deal in many ways, as the first Italian transfer completed by Compre and the largest portfolio acquired by our firm.”
“It demonstrates Compre’s unparalleled reputation as a legacy provider and proves our ability to provide tailored legacy solutions for the most complex transactions and to deliver operational and legal finality to our clients in a timely and effective manner.”
“We are very pleased to have been able to complete this transaction with Generali and look forward to further transactions in Italy in the future.”