Compre completes second Lloyd’s RITC

Specialist legacy group Compre has completed the reinsurance to close transaction of Syndicate 3330’s 2018 year of account into its recently established Lloyd’s Syndicate 1994, managed by Apollo, and the purchase of Axa DBIO II’s Corporate Member.

The transaction will see Compre acquire the Sportscover portfolio written between 2006 and 2014 in Australia, Canada, the UK and Ireland, which provided accident, property, liability and related D&O and professional indemnity cover to amateur sports organisations.

Syndicate 3330 is mainly backed by capital provided by Axa DBIO II, with Coverys acting as the managing agent and Axa Liabilities Managers acting as run off managers.

Rob Margetts, head of Lloyd’s at Compre, said: “I am very pleased that Coverys and Axa LM have selected Compre as their partner for this deal. With this second RITC, we demonstrate our commitment to the Lloyd’s legacy market and the value our legacy solutions can add to syndicates and managing agents.”

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