Compre and SirusPoint complete LPT

Compre, the international specialist legacy group, has completed the acquisition of $417 of legacy liabilities from SiriusPoint. The loss portfolio transfer transaction covers a portfolio of asbestos, environmental, and workers’ compensation liabilities.

It will be underwritten by Compre’s class 3A Bermudian reinsurer, Pallas Reinsurance Company and covers

Compre CEO Will Bridger said: “I am extremely pleased to announce the completion of our transaction with SiriusPoint, which is another milestone for Compre in further building our presence in the US market. This transaction also demonstrates our growing capabilities and capacity while continuing to provide a bespoke service to our clients.”

Sid Sankaran, chairman and chief executive officer of SiriusPoint, added: “SiriusPoint is transferring its runoff business to legacy specialists, allowing us to redeploy capital internally to areas of strategic growth.

“Compre is a practitioner we have known and respected for some time. With their new ownership and equity, they are in an ideal position to benefit from our runoff portfolio. I am very pleased our transaction creates opportunities for both of our businesses.”