Compre has acquired the hospital liability portfolio of German insurer Basler Sachversicherungs-AG, of the Baloise Group.
The portfolio transfer mainly consists of underwriting years 2004 to 2018 and as such has been in run-off for several years. The transaction, which is expected to close by year end 2022, includes the hospital liability portfolio of Basler with technical liabilities of around EUR200m.
Will Bridger Group CEO said: “I am delighted to announce our first acquisition of pure European MedMal legacy liabilities and with a portfolio that is very well known to us. This demonstrates Compre’s strong client-service focus and ability to provide highly tailored solutions to meet specific client needs.”
Simon Hawkins CEO Europe added: “This transaction also demonstrates, after Compre recently redomiciled to Bermuda, our commitment to executing legacy deals in Europe as well as the Lloyd’s and US legacy markets. While this is a new class of business for Compre, it is very much a signal of our intent to build MedMal into a significant additional area of specialisation."
Subject to the relevant regulatory approvals, the portfolio will transfer in its entirety to Compre’s Finnish subsidiary Bothnia International Insurance Company.
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