Compre, the independent specialist legacy acquirer, has received approval in principle from the Bermuda Monetary Authority (BMA) to establish a Class 3A reinsurer in Bermuda.
Compre said a Bermuda platform will enhance its access to the US market. The group has cited the US and Lloyd’s legacy markets as key drivers for growth.
Compre will finalise details with the BMA in the coming weeks.
Will Bridger, chief executive at Compre said: “With around half of the estimated global legacy liabilities of $750 billion residing in the US, our Bermuda operation will allow us to bring our legacy expertise and a highly credible and client-centric approach to the US run-off market.”