Compre To Purchase Irish Subsidiary Of Covéa
Compre To Purchase Irish Subsidiary Of Covéa
International legacy company Compre, with headquarters in Bermuda, recently disclosed that it has inked contracts to buy Covéa’s Irish affiliate, Medical Insurance Company DAC (MIC), which offered general liability insurance covering risks of professional medical negligence.
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Regulations must approve the deal. Additionally, the acquisition represents a new step in Compre’s plan to establish a MedMal center of excellence in Europe.
The hospital liability (MedMal) portfolio of German insurer Basler Sachversicherungs-AG, a member of the Baloise Group, was recently bought by Compre, according to a recent announcement.
“I am delighted to announce our third acquisition of European MedMal legacy liabilities this year,” said Simon Hawkins, CEO of Europe.
Compre To Purchase Irish Subsidiary Of Covéa
“This transaction further demonstrates our client-focused approach, where we worked closely with Covéa to ensure their objectives were realized. We look forward to working with the MIC team and providing best-in-class claims service to MIC’s policyholders.”
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Meanwhile, in June, Compre raised $200 million equivalent of subordinated Tier 2 debt in two tranches from a group of institutional investors. The net proceeds will be used by Compre for general corporate purposes, but the company also noted that it will also be used to support growth following their acquisition of a $417 million legacy liability portfolio from SiriusPoint last year.
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