Compre, the international specialist legacy group with an operation in Bermuda, has announced the successful completion of its acquisition by private equity firm Cinven and British Columbia Investment Management Corporation.

The company said all necessary regulatory approvals have been received for completion of the sale.

Compre said Cinven and BCI are now the majority shareholders alongside Compre’s management team who remain in their roles and as minority shareholders.

Will Bridger, chief executive officer of Compre, said: “I am delighted that all regulatory approvals have now been granted, which allows us to press on with new partners Cinven and BCI toward our ambitious growth.”

Mr Bridger said he was “also delighted” that former PartnerRe chief executive Emmanuel Clarke and former CEO of AXA Belgium, Frank Koster, will join Compre’s board as non-executive directors, with Mr Clarke also assuming the position of chairman of the group.

He added: “I have no doubt that their long and deep insurance expertise will be invaluable to us as we grow.”

The company said Mr Clarke spent more than 25 years at PartnerRe, most recently serving as president and chief executive officer until July 2020.

Compre also has operations in Finland, Germany, Malta, Switzerland, in the United Kingdom and at Lloyd’s.

BCI, based in Victoria, British Columbia, is one of Canada’s largest institutional investors.

Cinven is an international private equity firm with offices in London, New York, Frankfurt, Paris, Milan, Madrid, Guernsey and Luxembourg.