Compre, the independent specialist legacy acquirer, has announced it has received regulatory approval in principle from the Bermuda Monetary Authority (“BMA”) to establish a Class 3A reinsurer on the island.
Compre said it will work with the BMA to finalise the registration and licensing of the reinsurer in the coming weeks.
The company added that the platform will “greatly enhance” its ability to access the “vast potential” for growth in North America and is consistent with the group’s plans for strategic expansion into the US and Lloyd’s legacy markets.
Will Bridger, CEO, Compre said: “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.
“ With around half of the estimated global legacy liabilities of $750bn (£603bn) 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.”