Debevoise & Plimpton has advised Compre, the Bermuda headquartered international legacy group, in its agreement with SiriusPoint Ltd. (“SiriusPoint”), for a ground-up Loss Portfolio Transfer (“LPT”) on a diversified portfolio of primarily reinsurance business.
The LPT covers approximately $1.3 billion of reserves, underwritten by SiriusPoint’s international reinsurance business headquartered in Sweden, and its Lloyd’s Syndicate 1945.
The transaction’s inception is subject to regulatory approvals and other conditions of closing.
Debevoise has previously advised Compre on a number of transactions, including the launch of its Lloyd’s legacy syndicate 1994 (see here).
The Debevoise team advising Compre was led by international consultant Clare Swirski, and included international counsel Benjamin Lyon, counsel Matthew Parelman, and associates Laura Jackson, Joey Kaminsky and Francis Walters.
About SiriusPoint
SiriusPoint is a global underwriter of insurance and reinsurance providing solutions to clients and brokers around the world. Bermuda-headquartered with offices in New York, London, Stockholm and other locations, we are listed on the New York Stock Exchange (SPNT). We have licenses to write Property & Casualty and Accident & Health insurance and reinsurance globally. Our offering and distribution capabilities are strengthened by a portfolio of strategic partnerships with Managing General Agents within our Insurance & Services segment. With $2.9 billion total capital, SiriusPoint’s operating companies have a financial strength rating of A- (Excellent) from AM Best, S&P and Fitch. For more information, please visit www.siriuspt.com.
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, and US APH. Compre has operations in Bermuda, Finland, Germany, Malta, the UK, the USA and at Lloyd’s of London. www.compre-group.com
