Compre, the Bermuda headquartered, international legacy group, today announces it has acquired the hospital liability (“MedMal”) portfolio of German insurer Basler Sachversicherungs-AG (“Basler”), an entity of the Baloise Group, subject to regulatory approval by the German Federal Financial Supervisory Authority (“BaFin”). Terms of the transaction are not disclosed.
The deal, structured as a portfolio transfer, is a further milestone for Compre, marking its ambition to build a centre of excellence for legacy MedMal business in Europe. The portfolio mainly consists of underwriting years 2004 to 2018 and as such has been in run-off for several years. The transaction, which is expected to close by year end 2022, includes the hospital liability portfolio of Basler with technical liabilities of approximately EUR200 million.
