Legacy specialist Compre has purchased the run-off portfolio from the Swiss company, Axa Insurance, which was earlier known as Winterthur Swiss Insurance Company.
The acquired portfolio of insurance and reinsurance business in run-off was underwritten by RW Gibbon (Underwriting Agencies) Ltd and RW Gibbon & Son Ltd (the Gibbon pools) between 1962-1964. Compre has provided AXA with finality in all respects regarding its participation in the Gibbon pools for an undisclosed sum.
The acquisition represents Compre’s 26th portfolio deal and to date Compre has acquired 10 companies in run-off.
Nick Steer, CEO of Compre, said: “I am extremely pleased to announce our sixth acquisition this year and our third involving the Gibbon pools. This follows a similar deal with Swiss Re International SE in January and fulfils our ambition of completing another pool-arrangement transaction this year. It underlines the demand for run-off solutions, and our expertise in providing finality for complex pool arrangements, and further highlights our excellent reputation among large European insurance groups.”