International legacy group Compre, has acquired Medical Insurance Company DAC (MIC), the Irish subsidiary of Covéa.
The completion of this cross-border transaction represents a significant step for the Bermuda-headquartered firm, as it looks to continue expanding the company’s centre of excellence for medical malpractice across Europe.
The acquisition of MIC completes the 11 month wait to finalise the deal that began in October 2022, as they looked to poach the Irish subsidiary of Covéa, a French mutual insurance group that claims to serve 11.6m users per day.
Simon Hawkins, CEO of Compreh Europe, said: “I am delighted to announce the completion of this transaction following regulatory approval, and I’d like to thank the Covéa and MIC teams for their ongoing collaboration.
“This transaction further demonstrates our client-focused approach to supporting our partners in achieving their restructuring objectives.”
This initiative is part of the French mutual insurer’s strategy to refocus its international activities and to make reinsurance its main industrial development lever overseas.
The acquisition comes off the back of the approved legal transfer of a portfolio of French medical malpractice liabilities from another European insurer in July 2023.
The transaction is still pending approval from the relevant regulatory authorities.
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