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Generali to sell run-off portfolios to Compre Group

Generali agreed to sell two run-off portfolios from its U.K. and U.S. branches to independent insurance and reinsurance legacy specialist Compre Holdings Ltd.

The portfolios represent combined liabilities of roughly €300 million.

The transaction is structured as an upfront reinsurance solution via a loss portfolio transfer for both the U.K. and U.S. branches, to be followed by a legal business transfer for the U.K. branch portfolio, subject to regulatory approval. As an initial step, Generali signed a reinsurance contract covering all claims payments arising from the legacy business, the Italian insurer said Dec. 19.

Generali will also reinsure the nonlife run-off portfolio of its U.S. branch with Compre as part of the deal. The U.S. branch will remain as a longer-term reinsurance solution until suitable legal transfer mechanisms become more available in the U.S., Compre said in a separate release.

Generali said the transaction will further boost its solvency capital position, with group CFO Luigi Lubelli saying it allows the insurer "to release capital, reduce costs, and remove the potential source of volatility inherent in such long-tail business lines."

Compre, meanwhile, said the deal is its largest to date.