Compre swings to $128 million loss in 2024 as deal flow slows
Legacy insurer Compre reported a $128.5 million loss in 2024, driven by a decline in deal volume and adverse claims development from business primarily acquired before 2020.
The Bermuda-based company said the loss compared with a profit of $279.4 million in 2023.
The company also took an operating loss of $45.3 million compared to an operating profit in 2023 of $80.5 million.
The company said the drop in deal volume reflected a global trend, and the company was also affected by “the natural unwinding of discounted liabilities”.
“While several portfolios were offered in 2024, Compre completed fewer deals than expected, retaining its staunch focus on underwriting discipline,” the company said in a statement. “Given these factors, and with Compre’s earnings impacted by the timing of deal activity, the total transacted new business volume in 2024 was $132 million.”
Acquired net reserves in 2024 were valued at $160 million compared with $1.1 billion in 2023 and $462 million in 2022. Compre completed a $1.3 billion loss portfolio transfer with SiriusPoint in 2023.
The loss was offset by a rise in investment income to $92.1 million, up from $48.6 million in 2023.
Tangible net asset value stood at $620 million, down from $783.7 million in 2023.
“The retrospective solutions market must be viewed over the long term given the risks associated with seeking growth beyond measure,” said Compre CEO Will Bridger (pictured). “Compre fully subscribes to this philosophy, as evidenced by its 30-year track record and, after the significant growth achieved in 2023, its growth ambitions were elevated.
“Deal flow has been strong in early 2025 and we continue to invest in Compre’s execution capabilities, along with our client and broker relationships.
“The tremendous team at Compre have transformed the shape, size and form of this business in recent years. The board and management team would like to thank them for their commitment and look forward to a successful 2025.”
The company noted that in April 2025, Compre Group completed the purchase of CSE Group, a US insurance subsidiary of French insurer Covea, which includes two California domiciled licensed insurance carriers.
The deal, which was agreed in 2024, includes reserves previously written covering auto and property insurance in the US.
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