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Compre Group Holdings Limited signed agreements on 22 May 2023 to acquire a workers' compensation legacy portfolio from SUNZ Insurance Company for an undisclosed sum. The transaction, structured as a loss portfolio transfer, was underwritten by Compre's reinsurer Pallas Reinsurance Company and approved by the Bermuda Monetary Authority.
| Date | 22 May 2023 |
| Time | 07:40:01 |
| Category | Miscellaneous |
| ID | 0836A |
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.
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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.
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.