Compre, the London-based insurance and reinsurance legacy specialist, announced it has acquired a further legacy portfolio from Norwegian insurer Gjensidige Forsikring ASA for an undisclosed sum.
The portfolio comprises U.S. asbestos, pollution and health hazard (APH) risks underwritten between 1983 and 1985. The deal marks Compre’s 25th individual portfolio acquisition and its second from Gjensidige, after acquiring its marine and energy portfolio in February 2016.
Compre structured the transaction as a loss portfolio transfer followed by a business transfer, which provides finality to the vendor in all respects. The arrangement also provides continuity as Compre currently manages all claims relating to the portfolio.
“It gives me great pleasure to announce our fifth acquisition of the year and our second from leading Norwegian insurer Gjensidige Forsikring,” said Nick Steer, CEO of Compre.
“Compre has a long track record of successfully managing U.S. APH and this transaction is a further demonstration of our ability to provide large insurance groups with exit solutions for discontinued business.”
About Gjensidige
Listed on the Oslo Stock Exchange, Gjensidige employs 4,000 people in six countries, offers non-life insurance in the Nordic and Baltic region, and banking, pensions and savings products in Norway.
Source: Compre
Topics Mergers & Acquisitions
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