Bermudian-domiciled specialty reinsurance group Compre has agreed a retrospective reinsurance transaction covering approximately £200 million ($270 million) of reserves with a Lloyd’s syndicate.

The structured adverse development cover applies to the syndicate’s 2023 and prior years of account and covers a multi-line portfolio of property and casualty business and assumed reinsurance.

Compre said the transaction was designed to give the unnamed syndicate greater protection against adverse claims development while helping it manage earnings volatility and optimise its capital position.

Under the structure, the syndicate will retain the underlying assets and associated investment income, as well as responsibility for managing and administering claims.

The agreement also incorporates a variable premium structure intended to allow it to adapt to the syndicate’s changing capital and balance-sheet requirements.

The deal includes a renewable element, with the next renewal expected to be considered in the first quarter of 2027 and annual reviews envisaged thereafter.

Rachel Bardon, chief underwriting officer at Compre, said: “This transaction is a strong example of how we are continuing to evolve our retrospective proposition to meet clients’ changing capital and balance sheet needs.”

Compre said the transaction demonstrated its ability to provide bespoke capital and liability solutions across the risk lifecycle, combining underwriting, actuarial and claims expertise with capital management.