Compre completes liability portfolio transfer from Ethias
By Navneeta Nandan
May 14 - (The Insurer) - Legacy specialist Compre announced on Wednesday that it has completed the insurance business transfer of a portfolio of European casualty and motor liabilities from Belgium-based insurer Ethias SA.
The portfolio has been assumed by Bermuda-domiciled Compre’s European arm, Bothnia International Insurance Company.
Regulators in Belgium, France, the Netherlands, Germany and Finland have granted the necessary approvals for the transaction.
In 2023, Ethias – which is the third-largest insurance company in Belgium – undertook a loss portfolio transfer to cover nearly 140 million euros ($157 million) of liabilities across the European Union.
Wilfried Neven, director and deputy CEO of Ethias, said that the company has discontinued its international portfolio, and will now focus on growth in its local market.
A panel at the Insurance & Reinsurance Legacy Association's annual conference earlier this week gave a bullish outlook for the legacy market.
The association's chairman Kevin Gill told The Insurer that greater product innovation and increased scale indicate that the sector could double in size over the next decade.
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