22 May 2023Analysis

Compre acquires legacy portfolio

Compre Group Holdings has signed agreements to acquire a workers’ compensation legacy portfolio of SUNZ Insurance Company (SUNZ) for an undisclosed sum.

The transaction, approved by the Bermuda Monetary Authority, is structured as a loss portfolio transfer and has been underwritten by Compre’s class 3B Bermudian reinsurer, Pallas Reinsurance Company. The portfolio comprises large deductible and guaranteed-cost workers’ compensation policies.

David Presley, chief executive, Compre North America said: “We are very pleased to announce the signing of this transaction, which was particularly attractive given SUNZ’s track record of excellent underwriting, strong claims handling and experienced management team. Compre has decades of experience in workers’ compensation and we continue to build on this as a centre of excellence within our business. We look forward to continuing our partnership with SUNZ to support their expansion and strategic growth and remain focused on collaborating closely with all our clients to help achieve their objectives.”

“This LPT provides SUNZ with the most efficient solution to support our growth projections,” said Jeffrey Marshall, chief finance officer and executive vice president of SUNZ Insurance. “We appreciate Compre’s professionalism and partnership approach throughout this process, including their strong focus and expertise in providing workers’ compensation insurance solutions.”

The Capital Advisory and Solutions team at Acrisure Re acted as a broker in this transaction.