SiriusPoint Ltd., the Bermuda-based re/insurer, announced it has completed a ground-up loss portfolio transfer (LPT) of a portfolio of primarily reinsurance business with the legacy acquisition specialist Compre. This is the second LPT the companies have partnered on.

Compre assumed approximately $1.3 billion of reserves and the LPT has been underwritten by Compre’s class 3B Bermudian reinsurer, Pallas Reinsurance Co. Ltd. The deal was first announced in March 2023.

The diversified portfolio comprises several classes of business from 2021 and prior underwriting years. SiriusPoint retains claims handling authority on ongoing business.

SiriusPoint was advised by Gallagher Re and Mayer Brown LLP, and Compre was advised by Debevoise & Plimpton LLP and EY.

Bermuda-based Compre’s first acquisition of SiriusPoint’s legacy liabilities of $417 million was announced in August 2021 and completed on Oct. 29 of the same year.

Source: SiriusPoint