The Bermuda-domiciled international legacy group, Compre, has completed the insurance business transfer of a portfolio of European casualty and motor liabilities from Belgium’s third largest insurance company, Ethias S.A.

Bothnia International Insurance Company, Compre’s European carrier, fully assumes the portfolio, providing Ethias with legal, economic and operational finality.

The transfer follows a prior Ethias loss portfolio transfer executed in 2023 covering approximately €140 million ($157 million) of reserves across the European Union.

Simon Hawkins, Compre’s group chief operating officer, said: “This transfer demonstrates how our experience in the European liability market and our ability to provide full finality continues to be valued by our clients. The support of several European regulators for this multi-jurisdictional insurance business transfer once again demonstrates the effectiveness of this solution.”

Wilfried Neven, director and deputy CEO of Ethias, said: “We are pleased to have completed the last step in the discontinuation of our international portfolio, allowing us to fully focus on growth in our local market. We would like to thank Compre for their efficient and close collaboration in bringing this process to a successful conclusion.”

Compre is a global specialty reinsurer providing capital and liability solutions for clients, giving certainty to prior year development. It has over 30 years of experience in the acquisition and management of discontinued and prior year non-life insurance and reinsurance portfolios.

It has operations in Bermuda, Finland, Germany, Malta, the UK, the USA and at Lloyd’s of London.

Compre has experience of acquiring most classes of direct and reinsurance business, including general liability, marine and motor liability, and US APH and workers’ compensation.

Ethias is Belgium's third largest insurer with 1,900 employees, more than a million retail clients and over 43,000 clients in public bodies and companies.

It is recognised for its unique business model focused on direct, digital and public services, financial strength and more than 100 years of experience.