Compre, the international specialist legacy group, and SiriusPoint have reached an agreement for Compre to acquire a $417 million portfolio of legacy liabilities.
The transaction is structured as a loss portfolio transfer and will be underwritten by Compre’s class 3A Bermudian reinsurer, Pallas Reinsurance Company Ltd. (Pallas Re).
The portfolio in question comprises asbestos, environmental and workers’ compensation liabilities.
“I am delighted to announce this strategic milestone for Compre and Pallas Re,” said Compre CEO Will Bridger. This transaction will grow our balance sheet significantly and will accelerate our growth strategy in North America.”
