Compre, the independent insurance and reinsurance legacy specialist, has agreed to acquire Allianz IARD’s Ridgwell Fox & Partners (RFP) pool legacy reinsurance business for an undisclosed sum.
RFP is a reinsurance pool containing run-off liabilities of Allianz IARD and five other carriers. The deal follows Compre’s acquisition in March of QBE’s RFP legacy reinsurance business.
Subject to the relevant approvals, the transaction, structured as a loss portfolio transfer followed by a legal business transfer, will provide Allianz IARD with complete finality regarding its involvement with RFP.
“I am extremely pleased to announce our fourth acquisition of the year, which highlights the increased appetite in Europe for legacy services,” said Nick Steer, CEO of Compre. (Compre focuses on the acquisition and management of discontinued non-life insurance and reinsurance business.)
“This transaction further demonstrates Compre’s reputation as a trusted partner, able to provide tailored legacy solutions for large and well-established re/insurance companies,” he added. “It also underlines our ability to provide complete finality for complex pool arrangements and we hope to complete further transactions of this type during 2016.”
Source: Compre
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