April 29, 2021
Compre, the international specialist legacy group, today announces the successful completion of its acquisition by private equity firm Cinven and British Columbia Investment Management Corporation (“BCI”), having received all necessary regulatory approvals.
Cinven and BCI are now the majority shareholders alongside Compre’s management team who remain in their roles and as minority shareholders.
Compre CEO Will Bridger said: “I am delighted that all regulatory approvals have now been granted, which allows us to press on with new partners Cinven and BCI toward our ambitious growth.
I am also delighted that former PartnerRe Chief Executive, Emmanuel Clarke and former CEO of AXA Belgium Frank Koster will join our Board as Non-Executive Directors with Emmanuel also assuming the position of chairman of the Group. I have no doubt that their long and deep insurance expertise will be invaluable to us as we grow.
My thanks again to CBPE for their continuous support since 2015, which enabled us to build a profitable and sustainable business. With Cinven’s and BCI’s support and investment I look forward to bringing the client-centric approach Compre has built its reputation on across all our markets, making Compre the industry’s legacy partner of choice.”
For further information please contact
David Haggie / Richard Adams / Shipra Khanna, Haggie Partners
+44 20 7562 4444
Notes to Editors
Compre is a leading legacy specialist with over 30 years of experience in the acquisition and management of discontinued and legacy non-life insurance and reinsurance business. We have experience of acquiring most classes of direct and reinsurance business, including general liability, marine and motor liability, and US APH. Compre has operations in Bermuda, Finland, Germany, Malta, Switzerland, the UK and at Lloyd’s.
Our track record includes the acquisition of companies in run-off, transfers of legacy business portfolios, the provision of reinsurance solutions and the subsequent management and closure of run-off liabilities. Solutions are tailored to meet the specific requirements of the vendor in relation to their legacy portfolios and cover economic, legal and administrative finality.
With C$171.3 billion of assets under management as of March 31, 2020, British Columbia Investment Management Corporation (BCI) is one of Canada’s largest institutional investors. Based in Victoria, British Columbia, BCI is a long-term investor that invests across a range of asset classes: fixed income; public equities; private equity; infrastructure; renewable resources; real estate; and commercial mortgages. BCI’s clients include public sector pension plans, insurance, and special purpose funds.
BCI’s private equity program, with C$17.9 billion of assets under management, is a well-diversified portfolio comprised of direct and fund investments. The team brings industry expertise with more than 30 investment professionals investing across financial and business services, healthcare, industrials, consumer, and TMT sectors.
For more information about BCI, please visit www.bci.ca.
Cinven is a leading international private equity firm focused on building world-class global companies. Its funds invest in six key sectors: Business Services, Consumer, Financial Services, Healthcare, Industrials and Technology, Media and Telecommunications (TMT). Cinven has offices in London, New York, Frankfurt, Paris, Milan, Madrid, Guernsey and Luxembourg.
Cinven takes a responsible approach towards its portfolio companies, their employees, suppliers, local communities, the environment and society.
Cinven Capital Management (V) General Partner Limited, Cinven Capital Management (VI) General Partner Limited, Cinven Capital Management (VII) General Partner Limited and Cinven Capital Management (SFF) General Partner Limited are each authorised and regulated by the Guernsey Financial Services Commission, and Cinven Limited, the advisor to the Cinven Funds, is authorised and regulated by the Financial Conduct Authority.
In this press release ‘Cinven’ means, depending on the context, any of or collectively, Cinven Holdings Guernsey Limited, Cinven Partnership LLP, Cinven (LuxCo 1) S.A., and their respective Associates (as defined in the Companies Act 2006) and/or funds managed or advised by any of the foregoing.