June 14, 2019
Independent (re)insurance legacy specialist, Compre has named three new acquisitions involving Basler Versicherung AG (Baloise), Helvetia Swiss Insurance Company Ltd. (Helvetia), and an undisclosed European insurance group.
Compre has acquired each company’s share of the Gibbon Pools, which include insurance and reinsurance business in run-off that is underwritten by RW Gibbon (Underwriting Agencies) Ltd. and RW Gibbon & Son Ltd. between 1950-1972.
Baloise’s entire UK branch liabilities, has been acquired by Compre which will contain the share of the Gibbon Pools. The business explains that the transaction includes a small portfolio underwritten directly by the Swiss entity, and is structured as an upfront loss portfolio transfer, followed by a Part VII transfer to ultimately provide Baloise with finality. Compre has also provided finality solutions to Helvetia and the undisclosed European insurance group for their shares of the Gibbon pools only.
Will Bridger, CEO of Compre, said: “I am extremely pleased to announce these transactions, consolidating a complex legacy London Market pool and delivering true finality for three highly reputable counterparties and in a variety of jurisdictions. My sincere thanks to everyone involved for all their hard work to achieve this great result.”