Compre confirms fourth acquisition of 2017
Compre, the independent insurance and reinsurance legacy specialist, today announces it has agreed to acquire Equinox CA Europe, a captive insurer of global engineering and construction conglomerate SNC-Lavalin.
The Ireland-based captive insured the activities of SNC-Lavalin’s business in France from 2008 until December 2016 when the subsidiary was sold.
Terms of the deal are confidential and completion is subject to regulatory approval from the Central Bank of Ireland. The acquisition, Compre’s first in Ireland and its first captive, further demonstrates its flexibility in adapting to new jurisdictions and ability to successfully complete a diverse range of legacy transactions.
Nick Steer, CEO of Compre, said: “I am delighted to announce this latest acquisition, our fourth this year, from a leading group in its field. This is our 11th company acquisition, which highlights Compre’s technical and creative ability to meet the spectrum of legacy owner needs and to address the issues some entities now face as Solvency II pressures come to the surface. It is further proof of our excellent reputation in the legacy field and Compre is in a strong position and looking forward to further transactions this year and beyond.”
For further information please contact:
David Haggie / Richard Adams,
Haggie Partners
+44 20 7562 4444
Notes to Editors:
About Compre
Compre is a leading European legacy specialist with over 30 years of experience in the acquisition and management of discontinued and legacy non-life insurance and reinsurance business. We have experience of acquiring most classes of direct and reinsurance business, including general liability, marine and motor liability, US APH. Compre is a European business with operations in Finland, Germany, Sweden, Switzerland and the UK.
Our track record includes the acquisition of companies in run-off, transfers of legacy business portfolios, the provision of reinsurance solutions and the subsequent management and closure of run-off liabilities. Solutions are tailored to meet the specific requirements of the vendor in relation to their legacy portfolios and cover economic, legal and administrative finality.
Compre is independent and privately owned. It is managed by its six Executive Directors: Nick Steer, CEO; Rhydian Williams, Managing Director – Operations; Will Bridger, Managing Director – Acquisitions; Dr Hubertus Labes, Managing Director – Germany and Austria; Paul Matson, CFO and Mark Lawson – Group Actuarial Director. The Chairman of the Group is Tom Colraine.