Compre completes legacy reinsurance transaction with Accelerant

Bermuda-based legacy re/insurer Compre Group Holdings has accomplished a legacy reinsurance transaction with Accelerant, a data-driven threat trade platform.

The transaction, which has acquired approval from the Bermuda Financial Authority (BMA), was underwritten by Compre’s Bermuda-based reinsurer, Pallas Reinsurance Firm Ltd, and can present roughly $150 million in protection on loss reserves.

The portfolio concerned within the transaction contains a mixture of US and European property and casualty liabilities, protecting Accelerant’s retention for the 2020 and 2021 underwriting years. Compre has additionally indicated that it’ll provide phrases for future underwriting years as they mature.

The transaction was brokered by Increase Danger, with authorized recommendation supplied by the UK and US groups from Willkie Farr & Gallagher.

Will Bridger (pictured above), CEO of Compre, commented that the transaction demonstrates the corporate’s potential to create structured reinsurance options aligned with Accelerant’s strategic targets. He emphasised the continued partnership between the 2 firms.

Jeff Radke, CEO of Accelerant, additionally said that the deal is a crucial step within the growth of their Danger Trade as they proceed to innovate throughout the insurance coverage business.

Andrew Matson, CEO of Increase Danger, highlighted the importance of the transaction in establishing long-term retrospective partnerships and underscored the function of bespoke capital options throughout the insurance coverage worth chain.

Compre has additionally not too long ago reported its monetary outcomes for 2023, marking the strongest efficiency within the firm’s three-decade historical past.

Gross insurance coverage reserves underneath administration surged by 112% year-over-year, reaching $1.6 billion by the top of 2023, largely attributable to newly acquired reserves exceeding $1 billion. Invested belongings totaled $2.4 billion, benefiting from locking in funding yields on the peak of the rate of interest cycle.

Tangible internet asset worth elevated by 67% to $784 million, and working revenue grew by 15% to $81 million. Revenue after tax stood at $279 million, with an adjusted working return on opening tangible fairness of 19.9%.

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