Compre, the Bermuda-domiciled international legacy group, today announces it has completed the Insurance Business Transfer of a portfolio of European casualty and motor liabilities from Ethias S.A. (‘Ethias’), Belgium’s third largest insurance company.
All necessary approvals have been granted by regulators in Belgium, France, Netherlands, Germany and Finland, allowing Compre’s European carrier Bothnia International Insurance Company to fully assume the portfolio, providing Ethias with full legal, economic and operational finality. The transfer follows a prior Ethias Loss Portfolio Transfer (‘LPT’) executed in 2023 covering approximately €140m of reserves across the European Union.
Simon Hawkins, group chief operating officer, Compre said: “I am extremely pleased to announce the completion of this transfer following a successful collaboration with Ethias, who we have worked closely with since the LPT in 2023. This transfer demonstrates how our experience in the European liability market and our ability to provide full finality continues to be valued by our clients. The support of several European regulators for this multi-jurisdictional Insurance Business Transfer once again demonstrates the effectiveness of this solution.”
Wilfried Neven, director and deputy CEO, Ethias said: “We are pleased to have completed the last step in the discontinuation of our international portfolio, allowing us to fully focus on growth in our local market. We would like to thank Compre for their efficient and close collaboration in bringing this process to a successful conclusion.”