Bermuda-registered international specialist reinsurance group Compre Group Holdings Limited has signed a loss portfolio transfer (LPT) agreement with French insurance company Wakam SA (Wakam).
Wakam is a B2B2C insurance company that designs customized insurance solutions that are distributed on a white label basis by over 100 distribution partners through its Play&Plug® technology platform.
The transaction covers provisions of approximately €140 million as of December 31, 2024, primarily related to motor and property insurance liabilities in the UK and France in 2024 and previous years.
The agreement also includes a forward flow facility, giving Compre the opportunity to reinsure in subsequent years, providing ongoing capital management support as Wakam continues to grow its business and effectively manage legacy risks.
Compre CEO Will Bridger said: “We are delighted to have reached this agreement with Wakam, which marks another significant transaction in our continued growth in Europe. The forward flow element demonstrates Compre’s ability to provide long-term, capital efficient solutions to our partners and reflects the strength and flexibility of our reinsurance platform.”
Wakam Group CEO Catherine Charrier-Leflaive added: “With Compre The partnership is an important step in optimizing our financial strength to drive future growth. By entrusting legacy debt to specialist partners, we can free up resources to invest in what matters most: expanding our digital insurance platform across Europe and providing our partners with ongoing support as we expand. This is smart capital management in action and provides Wakam with a full focus on building the insurance infrastructure of the future.”
