Compre posts $128.5m net loss in 2024 amid lower deal volume

Bermuda-domiciled legacy reinsurer Compre Group Holdings Limited (Compre) has posted a net loss post tax of $128.5 million in its full-year 2024 results, compared to a profit of $279.4 million in 2023.

The loss was driven by an 18% year-over-year decline in global deal volume, the natural unwinding of discounted liabilities, and the materialisation of tail risk on certain claims. In response, Compre proactively strengthened reserves related to business largely acquired in 2020 and earlier. A small number of remaining claims are being closely monitored to reach satisfactory conclusions.

The company also reported an operating loss of $45.3 million for 2024, compared to an $80.5 million profit the previous year.

Tangible net asset value stood at $620 million, down from $783.7 million in 2023.

However, investment income rose to $92.1 million, up from $48.6 million in 2023.

Compre also reported a robust solvency ratio of 188%, alongside $161 million in net reserves acquired in 2024.

While several portfolios were offered in 2024, the company completed fewer transactions than expected, maintaining its focus on underwriting discipline. Total new business volume for the year reached $132 million, with earnings impacted by the timing of deal activity.

Will Bridger, Group CEO of Compre, said, “The retrospective solutions market must be viewed over the long term given the risks associated with seeking growth beyond measure. Compre fully subscribes to this philosophy, as evidenced by its 30-year track record and, after the significant growth achieved in 2023, its growth ambitions were elevated. Deal flow has been strong in early 2025 and we continue to invest in Compre’s execution capabilities, along with our client and broker relationships.

In April 2025, Compre also completed the acquisition of CSE Group, a US subsidiary of Covéa, which includes two California-domiciled licensed insurance carriers.

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