European insurance and reinsurance legacy company Compre has agreed to acquire a portfolio of assumed non-life reinsurance business from Allianz Versicherungs.
Financial details of the transaction have not been disclosed.
The business was originally underwritten by Vereinte Versicherung and its legal predecessors, but was discontinued since the late 1990’s.
Compre also informed that the acquisition has received approval from the German regulator BaFin. The transaction, as per the company, has been structured as a legal business transfer and when it comes to Allianz, it is the final transfer of the portfolio in all respects.
The portfolio comprises of a mix of proportional and non-proportional business, as noted by The Insurance Insider.
The transaction is not only Compre’s seventh acquisition for this year, but also the 27th portfolio till date, in addition to 11 companies with discontinued business.
Compre CEO Nick Steer said: “I am extremely pleased to announce a further acquisition involving a German counterparty, which underlines our appetite and ability to provide finality for a broad spectrum of discontinued business in the German market.”
Compre started 2017 with the acquisition of all of the insurance and reinsurance business in run-off of the UK branch of AG Insurance. It was followed by offering legacy solution to Swiss Re.
The third acquisition was Wüstenrot & Württembergische’s (W&W) Ridgwell Fox & Partners (RFP) pool legacy reinsurance business, followed by the purchase of Equinox CA Europe.
The company's fifth acquisition included legacy portfolio from major Norwegian insurer Gjensidige Forsikring followed by a legacy solution to a portfolio of AXA Insurance.
Image: Compre’s seventh acquisition for this year. Photo: Courtesy of adamr/FreeDigitalPhotos.net.