6 August 2021News

Compre completes LPT deal with SiriusPoint

Compre, the international specialist legacy group, will acquire a $417 million portfolio of legacy liabilities from SiriusPoint.

The transaction, which is subject to regulatory approval, was structured as a loss portfolio transfer (LPT) and will be underwritten by Compre’s class 3A Bermudian reinsurer, Pallas Reinsurance Company. The portfolio comprises asbestos, environmental and workers’ compensation liabilities.

Will Bridger, chief executive officer at Compre, said: “This transaction will grow our balance sheet significantly and will accelerate our growth strategy in North America. This is a significant step in our ambitious growth plans and further demonstrates our capabilities in executing large transactions.”

Sid Sankaran, chairman and CEO at SiriusPoint, said it will redeploy capital internally to areas of strategic growth. “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,” he added.

Compre was advised by New York law firm Gerber Ciano Kelly Brady and PwC’s actuarial team. SiriusPoint was advised by international law firm Clyde & Co.




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