New reinsurer being formed in Bermuda
A new reinsurer is in the process of setting up in Bermuda. Independent specialist legacy acquirer Compre has received regulatory approval in principle from the Bermuda Monetary Authority 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 platform will greatly enhance Compre's 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, the company said in a statement.
Will Bridger, chief executive officer of 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 $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.”