LONDON, UK: Compre Group Holdings Limited, the Bermuda headquartered international legacy group, has signed agreements to acquire the Irish subsidiary of Covéa, Medical Insurance Company DAC (MIC), which provided general liability insurance covering professional medical malpractice risks. MIC entered into run-off in 2015.
The transaction represents a further significant step in Compre’s ambition to build a centre of excellence for medical malpractice (MedMal) in Europe. The transaction remains subject to appropriate regulatory approvals.
Simon Hawkins, CEO Europe said: “I am delighted to announce our third acquisition of European MedMal legacy liabilities this year. This transaction further demonstrates our client-focused approach, where we worked closely with Covéa to ensure their objectives were realised. We look forward to working with the MIC team and providing best in class claims service to MIC’s policyholders.”
Compre Group is a leading legacy specialist with over 30 years of experience in the acquisition and management of discontinued and legacy non-life insurance and reinsurance business.
Compre has experience of acquiring most classes of direct and reinsurance business, including general liability, marine and motor liability, and US APH. Compre has operations in Bermuda, Finland, Germany, Malta, Switzerland, the UK, US and at Lloyd’s of London.