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LONDON - Compre Group Holdings Limited, a Bermuda-based legacy insurance group, has successfully completed the transfer of a European casualty and motor liabilities portfolio from Ethias S.A., the third largest insurer in Belgium. The transaction received the necessary regulatory approvals from authorities in Belgium, France, Netherlands, Germany, and Finland, enabling Compre’s European carrier, Bothnia International Insurance Company, to fully assume the portfolio.
The completed Insurance Business Transfer provides Ethias with comprehensive legal, economic, and operational closure. This follows a Loss Portfolio Transfer agreement in 2023, which encompassed approximately €140 million of reserves within the European Union.
Simon Hawkins (NASDAQ:HWKN), Compre’s group chief operating officer, expressed satisfaction with the completion of the transfer, which he said underscores Compre’s expertise in the European liability market and their capability to deliver complete finality to their clients. He also highlighted the successful cooperation with Ethias since the 2023 Loss Portfolio Transfer and the support of multiple European regulators in this multi-jurisdictional Insurance Business Transfer.
Wilfried Neven, director and deputy CEO of Ethias, remarked on the successful finalization of the discontinuation of their international portfolio. This allows Ethias to concentrate on expanding its local market presence. Neven extended gratitude towards Compre for their efficient and collaborative efforts throughout the process.
The completion of this transfer marks another step in the legacy insurance space, where companies like Compre manage the runoff of discontinued insurance portfolios, allowing the original insurers to release capital and resources for other business areas. This transaction is based on a press release statement.
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