Compre is to acquire French firm MedMal from a Europe-based insurer following regulatory approval.
The deal is structured as a loss portfolio transfer to be followed by a legal transfer. The portfolio contains legacy, live, and prospective risks through 2023. The transaction was brokered by Guy Carpenter.
Simon Hawkins, CEO Europe at Compre, said: “I am delighted to announce our second acquisition of European MedMal legacy liabilities. We worked closely with the insurer to ensure the structure optimises capital release and provides operational finality. This transaction further demonstrates our client-focused approach, which ensured our client’s objectives were realised, and our commitment to building a centre of excellence for MedMal in Europe.”
This second acquisition follows the firm acquiring the hospital liability portfolio of Basler Sachversicherungs-AG earlier this month. That portfolio is also known as MedMal.
That transaction, which is expected to close by year end 2022, includes the hospital liability portfolio of Basler with technical liabilities of approximately €200m.
The portfolio will transfer in its entirety to Compre’s Finnish subsidiary Bothnia International Insurance Company Ltd., and Compre will work closely with Detmold-based Ecclesia Group Assekuranz Service GmbH to continue to provide claims support for existing customers.
