Compre is to acquire a US$417m portfolio of asbestos, environmental and workers’ comp liabilities from SiriusPoint.
Subject to regulatory approval, the transaction, structured as a loss portfolio transfer, will be underwritten by Compre’s class 3A Bermudian reinsurer, Pallas Re.
Compre CEO Will Bridger said: “I am delighted to announce this strategic milestone for Compre and Pallas Re. This transaction will grow our balance sheet significantly and will accelerate our growth strategy in North America. This is a significant step in our ambitious growth plans and further demonstrates our capabilities in executing large transactions. We value our client relationship with SiriusPoint and have greatly enjoyed working with them on this transaction.”
“SiriusPoint is transferring its runoff business to legacy specialists, allowing us to redeploy capital internally to areas of strategic growth,” said Sid Sankaran, chairman and of SiriusPoint. “Compre is a practitioner we have known and respected for some time. With their new ownership and equity they are in an ideal position to benefit from our runoff portfolio. I am very pleased our transaction creates opportunities for both of our businesses.”
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