Compre receives approval for reinsurer

Legacy specialist Compre has received the green light from the Bermuda Monetary Authority (BMA) to set up a Class 3A reinsurer on the island.

The move, designed to give the firm more access to the US run-off market, is consistent with its plans for expansion across both the US and Lloyd’s legacy markets. The firm is now working with the BMA to finalize the registration and licensing process – something it expects to complete within the coming weeks.

“It gives me great pleasure to announce the formation of our Bermuda hub, which will significantly extend Compre’s long-established operations in our traditional European heartland,” said Compre CEO Will Bridger. “With around half of the estimated global legacy liabilities of $750 billion residing in the US, our Bermuda operation will allow us to bring our legacy expertise and a highly credible and client-centric approach to the US run-off market.”