Completes legacy reinsurance transactions with Compre Accelerant.

Bermuda-based legacy re/insurer Compre Group Holdings has completed a legacy reinsurance transaction with data-driven risk exchange platform, Accelerant.

The transaction, which has received approval from the Bermuda Monetary Authority (BMA), was underwritten by Compre’s Bermuda-based reinsurance company, Pallas Reinsurance Company Ltd, and provides coverage of approximately $150 million in loss reserves. will do

The portfolio included in the transaction includes a mix of US and European property and casualty liabilities, covering Accelerator’s retention for the 2020 and 2021 underwriting years. Compre has also indicated that it will offer provisions for future underwriting years as they mature.

The transaction was brokered by Augment Risk, with legal advice provided by the UK and US teams at Wilkie Farrar & Gallagher.

Compri CEO Will Berger (pictured above) commented that the transaction demonstrates the company’s ability to create reinsurance solutions that align with Accelerant’s strategic goals. He emphasized on the ongoing partnership between the two companies.

Accelerant CEO Jeff Redke also said the deal is an important step in the growth of their risk exchange as they continue to innovate in the insurance industry.

Andrew Mattson, CEO of Augment Risk, highlighted the importance of transactions in establishing long-term ex ante partnerships and emphasized the role of default capital solutions within the insurance value chain.

Compre recently reported its financial results for 2023, marking the strongest performance in the company’s three-decade history.

Gross insurance reserves under management grew 112% year-over-year, reaching $1.6 billion by the end of 2023, largely due to more than $1 billion in newly acquired reserves. Invested assets totaled $2.4 billion, benefiting from locking in investment yields at peak interest rates.

Tangible net asset value increased 67% to $784 million, and operating profit increased 15% to $81 million. Profit after tax was $279 million, with an adjusted operating return on opening equity of 19.9%.

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