Press release
22 August 2024
Compre and Accelerant execute
legacy transaction
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."
- Ends -
For further
information please contact:
Compre
David Haggie / Richard Adams / Olivia Thomson,
Haggie Partners
compre@haggie.co.uk
+44 20 7562 4444
Accelerant
Chelsea Allison
chelsea@cmand.co
312.775.2856
Augment
Risk
Molly Griffin
+447960402330
molly.griffin@augmentrisk.com
About
Compre:
Compre is a leading legacy specialist with more
than 30 years of experience in the acquisition and management of
discontinued and legacy non-life insurance and reinsurance
business. Compre has experience of acquiring most classes of direct
and reinsurance business, including general liability, marine and
motor liability, and US APH. Compre has operations in Bermuda,
Finland, Germany, Ireland, Malta, Switzerland, UK, USA and at
Lloyd's. www.compre-group.com
About
Accelerant:
Accelerant is a data-driven risk exchange
connecting underwriters of specialty insurance risk with risk
capital providers. Accelerant was founded in 2018 by a group of
long-time insurance industry executives and technology experts who
shared a vision of rebuilding the way risk is exchanged - so that
it works better, for everyone. The Accelerant Group was awarded an
"A-" financial strength rating by A.M. Best which recently affirmed
the Group's stable outlook. accelerant.ai
About Augment Risk:
Augment
Risk is an innovative risk capital and reinsurance solutions
broker, focused on designing and placing bespoke protections for a
variety of clients. With a wide range of solutions, Augment Risk
creates growth and equity value through tailored transactions to
deliver long-term capital and partnerships. Augment Risk's
expertise extends beyond reinsurance, allowing the company to
disrupt the value chain and build creative, value-accretive
solutions for individual client needs. For more information, please
visit www.augmentrisk.com.
