Compre has completed its acquisition of a US$417 million legacy liability portfolio from global reinsurer SiriusPoint. Structured as a loss portfolio transfer, the transaction was underwritten by the international speciality legacy group’s class 3A Bermuda reinsurer, Pallas Reinsurance Company. Pallas Re was launched in October 2020 to enhance Compre’s access to US and Lloyd’s legacy markets. The loss portfolio transfer with international speciality insurer and reinsurer SiriusPoint covers asbestos, environmental and workers’ compensation liabilities. Commenting on the transaction, Will Bridger, CEO of Compre, says: “I am extremely pleased to announce the completion of our transaction with SiriusPoint, which is another milestone for Compre in further building our presence in the US market.” “This transaction also demonstrates our growing capabilities and capacity, while continuing to provide a bespoke service to our clients,” he adds.
