Compre completes $150m legacy reinsurance transaction with Accelerant

Compre Group Holdings Limited, a reinsurance group based in Bermuda, announced the completion of a legacy reinsurance transaction with Accelerant, a data-driven risk exchange.

This transaction received approval from the Bermuda Monetary Authority. Underwritten by Compre’s Bermuda-based reinsurer, Pallas Reinsurance Company Ltd., the deal provides approximately $150 million in coverage for loss reserves.

Will Bridger, CEO, Compre commented: “This transaction demonstrates our ability to create a structured reinsurance solution that supports Accelerant’s strategic objectives. We look forward to our continued partnership with them.”

The portfolio includes a diverse range of US and European property and casualty liabilities, offering coverage for Accelerant’s retention on the 2020 and 2021 underwriting years.

Compre has also committed to offering terms for future underwriting years as they develop.

Jeff Radke, CEO of Accelerant added: “As we work to re-platform the insurance industry, this marks another important step in the development of our Risk Exchange.”

The transaction was brokered by Augment Risk, with legal support provided by the UK and US teams from Willkie Farr & Gallagher.

Andrew Matson, CEO, Augment Risk, said: “We are pleased to have been able to assist Accelerant on this pioneering transaction. It reflects our commitment to creating long-term retrospective partnerships, and more broadly highlights the importance of bespoke capital solutions as part of the value chain.”

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