Compre Group Holdings Limited Compre acquires workers' comp portfolio from SUNZ (0836A)
22 Mai 2023 - 8:40AM
UK Regulatory
TIDMRG62
RNS Number : 0836A
Compre Group Holdings Limited
22 May 2023
Press release
22 May 2023
Compre acquires workers' comp portfolio from SUNZ
Compre Group Holdings Limited ("Compre"), the Bermuda
headquartered international legacy group, today announces it has
signed agreements to acquire a workers' compensation legacy
portfolio of SUNZ Insurance Company (SUNZ) for an undisclosed
sum.
The transaction, approved by the Bermuda Monetary Authority, is
structured as a loss portfolio transfer and has been underwritten
by Compre's class 3B Bermudian reinsurer, Pallas Reinsurance
Company. The portfolio comprises large deductible and
guaranteed-cost workers' compensation policies.
David Presley, CEO, Compre North America said: "We are very
pleased to announce the signing of this transaction, 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 added: "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."
The Capital Advisory and Solutions team at Acrisure Re acted as
a broker in this transaction.
- Ends -
For further information please contact:
Compre
David Haggie / Richard Adams / Olivia Thomson, Haggie
Partners
+44 20 7562 4444
About Compre:
Compre 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,
US worker's compensation and APH. Compre has operations in Bermuda,
Finland, Germany, Malta, Switzerland, the UK, US and at Lloyd's of
London.
www.compre-group.com
About SUNZ:
SUNZ Insurance is a national workers' compensation insurance
company headquartered in Bradenton, Florida and develops unique
workers' compensation programs that deliver innovative and tailored
solutions to protect businesses and their employees. SUNZ
understands its clients' need for fluidity, offering workers'
compensation insurance options that do not begin and end with the
printed policy. SUNZ believes that a safe work environment and a
healthy workforce are the foundation for a successful business.
www.sunzinsurance.com
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END
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