Heuking Kühn Lüer Wojtek advises Compre on acquisition of a Swiss Re subsidiary
Compre Holdings Limited ("Compre") agreed to acquire all shares in AURORA Versicherungs AG ("AURORA"), a Swiss insurance company in run-off, from Swiss Re Insurance Company Limited ("Swiss Re"). Heuking Kühn Lüer Wojtek's Zurich-based office legally advised Compre on due diligence and on the contract negotiations.
AURORA was acquired by Swiss Re in 2007 and holds a portfolio of largely motor liability claims. Claims handling is currently outsourced to Geneva-based specialist DEKRA Services. Compre intends to maintain this and the other administrative structures currently in place. AURORA reports equity of CHF 11.4 million as at December 31, 2011. The takeover is subject to approval from the Swiss Financial Markets Authority ("FINMA").
Compre considers the AURORA acquisition a further step in the expansion of its business into German-speaking Europe. This is Compre's fourth acquisition of a company or run-off portfolio in Europe.
Counsel to Compre:
Heuking Kühn Lüer Wojtek, Zurich
Dr. Herbert Palmberger, Insurance Law, Zurich (Lead)
Dr. Holger Erwin, Corporate Law, Zurich
René Schnichels, Insurance Law, Düsseldorf
Compre has over 30 years experience in delivering consultancy and managed services to the international insurance industry. It has been successful in the acquisition and management of companies in run-off and has been involved in completing portfolio transfers, managing solvent schemes of arrangement and delivering a wide range of consultancy services. Compre currently has offices in London, Helsinki, Stockholm, Malmö, Baar and Munich.