SiriusPoint & Compre Complete Portfolio Transfer
SiriusPoint Ltd. and Compre, the Bermuda headquartered international legacy group, today announced the “completion of a significant ground-up Loss Portfolio Transfer [LPT] of a diversified portfolio of primarily reinsurance business, the second that the companies have partnered on.”
A spokesperson said, “Compre has assumed approximately $1.3bn of reserves and the LPT has been underwritten by Compre’s class 3B Bermudian reinsurer, Pallas Reinsurance Company Ltd. The portfolio comprises several classes of business from 2021 and prior underwriting years. SiriusPoint retains claims handling authority on ongoing business.
“SiriusPoint was advised by Gallagher Re and Mayer Brown LLP, and Compre was advised by Debevoise & Plimpton LLP and EY.”
