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Compre acquires Länsförsäkringar’s Run-Off operations Compre Holdings Ltd and Länsförsäkringar AB have reached an agreement whereby Compre Holdings buys Länsförsäkringar ABs reinsurance subsidiaries in run-off, Stockholm Reinsurance Company Limited and Wasa International Insurance Company Limited. Combined technical reserves of the two companies amount to approximately SEK 527 M (EUR 57 M). Mikko Sinko, Chairman of Compre Holdings, says: “Acquisition of this well-managed run-off operation further strengthens our already strong position in the Nordic region. Compre is becoming a household name in this market as a provider of exit and finality solutions and also professional consultancy and managed services for the owners of discontinued business. On completion of this deal we will have acquired seven insurance companies in run-off acquired from Nordic owners – this speaks for itself. Compre’s strong position in the Nordic market, with offices in Finland and Sweden, and its main base and head office in London form a strong base for our ambitious European strategy.”
“Länsförsäkringar AB is streamlining its operations to the Länsförsäkringar Alliance’s three core businesses, namely non-life insurance, life assurance and banking, and for this reason it is natural that the run-off operations are sold. Run-Off became part of the Alliance when Wasa Försäkring was acquired in 1998 and was involved in the run-off of insurance and reinsurance portfolios which at the time amounted to SEK 2 222 M, corresponding to EUR 239 M. Over the past ten years, Run-Off has generated a profit every year, amounting to a total of SEK 557 M or EUR 60 M for the period,” says Sten Dunér, Board Chairman of Stockholm Reinsurance Company Limited and Wasa International Insurance Company.
Contacts for further information: At Compre Mikko Sinko, Chairman Compre Holdings Ltd. Phone: +358 9 7599 5020, GSM +358 50 338 1586 Email:
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Nick Steer, Managing Director, Compre Holdings Ltd. Phone: +44 20 7816 4413, GSM +44 7881 950 589 Email:
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For more information of Compre, please see: www.compre-group.com At Länsförsäkringar Sten Dunér, Board Chairman of Stockholm Reinsurance Company Limited and Wasa International Insurance Company. Phone: + 46 8 588 411 15, + 46 70 964 11 15E-mail:
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For more information of Länsförsäkringar, please see: www.lansforsakringar.se The agreement is subject to the requirement that the necessary permits are received from the authorities. Approval from the Swedish Financial Supervisory Authority is expected to take between two and three months, after which the takeover will take place. |
