Compre Holdings and Cargill Value Investment have reached an agreement with Sweden-based If P&C insurance Holdings to acquire two of its run-off subsidiaries.
Both Patria Reinsurance Company and ST International Insurance are registered in Finland.
Compre said the deal was due for completion later in 2004 subject to approval from the Finnish regulatory authority. The deal went through for an undisclosed sum.
The management and administration of the run-off of the two companies will be handled by Compre’s newly created Finnish subsidiary Compre Nordic Oy, and through services provided by London-based Compre Administrators.
“This acquisition will contribute to the development of Compre as the leading UK based run-off service provider with a specialisation in the Nordic countries. The acquisition will also provide a platform for the further growth of Compre in the Nordic run-off and insurance services market,” said Compre.
