Compre completes legacy transaction with Accelerant

Bermuda-based Compre Group has completed a legacy reinsurance transaction with Accelerant which will provide $150 million of cover on loss reserves. 

The  transaction was underwritten by Compre's Bermuda-based reinsurer Pallas Reinsurance Company and covers  a broad mix of US and European property & casualty liabilities from the 2020 and 2021 underwriting years. Accelerant is a data-driven risk exchange based in Europe and the US. 

Compre will also offer terms for future underwriting years as these become sufficiently developed.

The deal was brokered by Augment Risk and Compre’s legal advisers were the UK and US based teams from Willkie Farr & Gallagher.

Will Bridger, CEO, Compre said: “This transaction demonstrates our ability to create a structured reinsurance solution that supports Accelerant’s strategic objectives. We look forward to our continued partnership with them.”

Jeff Radke, CEO of Accelerant said: “As we work to replatform the insurance industry, this marks another important step in the development of our Risk Exchange.”

Andrew Matson, CEO, Augment Risk, said: “We are pleased to have been able to assist Accelerant on this pioneering transaction. It reflects our commitment to creating long-term retrospective partnerships, and more broadly highlights the importance of bespoke capital solutions as part of the value chain.”

Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.