LONDON, UK: Compre Group Holdings Limited, the Bermuda headquartered international legacy group, has announced that it has agreed to buy a workers’ compensation legacy portfolio from SUNZ Insurance Company (SUNZ) for an undisclosed sum.
The deal, which has been approved by the Bermuda Monetary Authority, is structured as a loss portfolio transfer and has been underwritten by Compre’s Bermudian reinsurer, Pallas Reinsurance Company. The portfolio consists of workers’ compensation policies with large deductibles and guaranteed costs.
David Presley, CEO of Compre North America, said: “We are very pleased to announce the signing of this deal, which was particularly attractive given SUNZ’s track record of excellent underwriting, strong claims handling and experienced management team. Compre has decades of experience in workers’ compensation and we continue to build on this as a centre of excellence within our business. We look forward to continuing our partnership with SUNZ to support their expansion and strategic growth and remain focused on collaborating closely with all our clients to help achieve their objectives.”
Jeffrey Marshall, CFO and EVP of SUNZ Insurance, said: “This LPT provides SUNZ with the most efficient solution to support our growth projections. We appreciate Compre’s professionalism and partnership approach throughout this process, including their strong focus and expertise in providing workers’ compensation insurance solutions.”