Runoff specialist picks up reinsurance pool's legacy business

London-based Compre Group on Tuesday said it has acquired Allianz IARD S.A.’s Ridgwell Fox & Partners Ltd. pool legacy reinsurance business.

Terms of the deal were not disclosed.

London-based RFP is a reinsurance pool containing runoff liabilities of Allianz IARD and five other carriers. The transaction is structured as a loss portfolio transfer followed by a legal business transfer, according to the statement.

“I am extremely pleased to announce our fourth acquisition of the year, which highlights the increased appetite in Europe for legacy services. This transaction further demonstrates Compre’s reputation as a trusted partner, able to provide tailored legacy solutions for large and well-established (insurance and reinsurance) companies. It also underlines our ability to provide complete finality for complex pool arrangements, and we hope to complete further transactions of this type during 2016,” Nick Steer, CEO of Compre, said in the statement.