Compre acquires med mal book in first deal since Bermuda move

Bermuda-based run-off specialist Compre is to acquire a run-off hospital liability portfolio from Swiss insurer Baloise.

The portfolio transfer includes the entire hospital liability book of Baloise unit Basler Sachversicherungs in Germany with provisions of around €200 million. Compre will work through its Finland-based unit Bothnia International.

The book in question was closed to new business in 2018. The Ecclesia Group Assekuranz Service, based in Detmold, continues to provide support for existing customers in claims settlement.

Sides did not disclose terms. The deal is expected to be closed at an unspecified point before the end of the year, subject to approval from German regulatory authorities.

Compre CEO Will Bridger (pictured) said: “I am delighted to announce our first acquisition of pure European [medical malpractice] 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.”

Compre's CEO for Europe Simon Hawkins 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."