Compre launches Lloyd’s legacy syndicate 1994

Compre, the international specialist legacy group that has operations in Bermuda, has launched its Lloyd’s legacy syndicate 1994 and its first Lloyd’s transaction, the reinsurance to close Apollo syndicate 1969’s 2017 and prior years of account.

Compre has also entered into a strategic partnership with Apollo Syndicate Management (ASM) to manage syndicate 1994. ASM will work with Compre to build its Lloyd’s legacy platform.

Rob Margetts, head of Lloyd’s at Compre, leads the legacy acquirer’s Lloyd’s operations. Mark Lawson, group actuarial director at Compre, is named active underwriter and syndicate run-off manager for syndicate 1994, while maintaining his role as Compre group actuary.

The Council of Lloyd’s has approved Syndicate 1994, which can execute the full range of legacy transactions at Lloyd’s. The Apollo syndicate 1969’s prior year portfolio includes US liabilities, marine and energy and property risks, which transfer via a split reinsurance to close into syndicate 1994.

Compre chief executive Will Bridger said its first Lloyd’s RITC transaction “fulfills a long-held ambition of Compre, which ideally positions us to undertake further transactions and participate in the Lloyd’s legacy market.”

David Ibeson, group chief executive at Apollo, said: “This strategic partnership complements Apollo’s long-term ambitions, provides the market with an alternative legacy option supported by a great depth of experience and, through the Syndicate 1969 RITC transaction, allows us to better align our capital with market opportunities as the rating environment continues to improve.”

Debevoise & Plimpton provided legal advice to Compre, with PwC offering actuarial advice and Gary Crowley at Auxilium GC providing claims support.