Compre Completes $150M Deal With Accelerant
Compre Group completed a $150 million reinsurance deal with Accelerant, approved by the Bermuda Monetary Authority.
A spokesperson said, “Compre Group Holdings Limited [Compre], the Bermuda-domiciled international legacy and reinsurance group, today announced it has completed a legacy reinsurance transaction with Accelerant, the data-driven risk exchange, following approval by the Bermuda Monetary Authority. The transaction, which has been underwritten by Compre’s Bermuda-based reinsurer Pallas Reinsurance Company Ltd., will provide approximately $150 million of cover on loss reserves.
“The portfolio comprises a broad mix of US and European property & casualty liabilities, providing cover for Accelerant’s retention on the 2020 and 2021 underwriting years. Compre will also offer terms for future underwriting years as these become sufficiently developed.
“The deal was brokered by Augment Risk and Compre’s legal advisers were the UK and US based teams from Willkie Farr & Gallagher.”
Will Bridger, CEO, Compre said, “This transaction demonstrates our ability to create a structured reinsurance solution that supports Accelerant’s strategic objectives. We look forward to our continued partnership with them.”
Jeff Radke, CEO of Accelerant said, “As we work to replatform the insurance industry, this marks another important step in the development of our Risk Exchange.”
Andrew Matson, CEO, Augment Risk, said, “We are pleased to have been able to assist Accelerant on this pioneering transaction. It reflects our commitment to creating long-term retrospective partnerships, and more broadly highlights the importance of bespoke capital solutions as part of the value chain.”
