Compre and SirusPoint complete LPT

Compre, the international specialist legacy group, has completed an acquisition of $417 legacy liabilities from SiriusPoint.

The loss portfolio transfer is underwritten by Compre’s class 3A Bermudian reinsurer, Pallas Reinsurance Company and covers asbestos, environmental, and workers’ compensation liabilities.

“SiriusPoint is transferring its runoff business to legacy specialists, allowing us to redeploy capital internally to areas of strategic growth,” explained Sid Sankaran, chairman and chief executive officer of SiriusPoint. “Compre is a practitioner we have known and respected for some time. With their new ownership and equity, they are in an ideal position to benefit from our runoff portfolio. I am very pleased our transaction creates opportunities for both of our businesses.”

Compre CEO Will Bridger said: “I am extremely pleased to announce the completion of our transaction with SiriusPoint, which is another milestone for Compre in further building our presence in the US market. This transaction also demonstrates our growing capabilities and capacity, while continuing to provide a bespoke service to our clients.”