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Compre Group Holdings Limited announced on 14 May 2025 the completion of an Insurance Business Transfer. Compre's European carrier, Bothnia International Insurance Company, assumed a portfolio of European casualty and motor liabilities from Ethias S.A. This transfer, which received necessary approvals from regulators in Belgium, France, Netherlands, Germany, and Finland, follows a prior Ethias Loss Portfolio Transfer executed in 2023 covering approximately €140 million of reserves.
| Date | 14 May 2025 |
| Time | 11:17:12 |
| Category | Miscellaneous |
| ID | 6575I |
Press release
14 May 2025
Compre completes portfolio transfer from Ethias
Compre Group Holdings Limited ("Compre"), the Bermuda-domiciled international legacy group, today announces it has completed the Insurance Business Transfer of a portfolio of European casualty and motor liabilities from Ethias S.A. ('Ethias'), Belgium's third largest insurance company.
All necessary approvals have been granted by regulators in Belgium, France, Netherlands, Germany and Finland, allowing Compre's European carrier Bothnia International Insurance Company to fully assume the portfolio, providing Ethias with full legal, economic and operational finality. The transfer follows a prior Ethias Loss Portfolio Transfer ('LPT') executed in 2023 covering approximately €140m of reserves across the European Union.
Simon Hawkins, group chief operating officer, Compre said: "I am extremely pleased to announce the completion of this transfer following a successful collaboration with Ethias, who we have worked closely with since the LPT in 2023. This transfer demonstrates how our experience in the European liability market and our ability to provide full finality continues to be valued by our clients. The support of several European regulators for this multi-jurisdictional Insurance Business Transfer once again demonstrates the effectiveness of this solution."
Wilfried Neven, director and deputy CEO, Ethias said: "We are pleased to have completed the last step in the discontinuation of our international portfolio, allowing us to fully focus on growth in our local market. We would like to thank Compre for their efficient and close collaboration in bringing this process to a successful conclusion."
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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 global specialty reinsurer providing capital and liability solutions for its clients giving certainty to prior year development. It has over 30 years of experience in the acquisition and management of discontinued and prior year non-life insurance and reinsurance portfolios. Compre has experience of acquiring most classes of direct and reinsurance business, including general liability, marine and motor liability, and US APH and workers' compensation. Compre has operations in Bermuda, Finland, Germany, Malta, the UK, the USA and at Lloyd's of London.
About Ethias:
Ethias is Belgium's 3 largest insurer. The company is recognised for its unique business model focused on direct, digital and public services, the commitment of its 1,900 employees, the trust of its clients (about 1,200,000 Retail clients and over 43,000 clients in Public Bodies and Companies), more than 100 years of experience and its financial strength. With a solid group strategy, Ethias is constantly innovating to create value and meet the needs of tomorrow through ecosystems in areas such as health, mobility and housing. Based on its systematic "phygital" and socially responsible approach, Ethias is committed to being a partner for everyday life, beyond insurance, accessible to all.