Covéa: US Subsidiary CSE Group Acquired by Compre
Deal News | Apr 16, 2025 | Re-Insurance News
Compre Group Holdings Limited, a specialty reinsurer based in Bermuda, has finalized the acquisition of CSE Group, a US subsidiary of the French insurance group Covéa. The CSE Group comprises two California-based personal lines insurance carriers that ceased writing new policies in 2024. This acquisition follows Compre's prior purchase of Covéa's Irish subsidiary, Medical Insurance Company DAC, in September 2023. These transactions signify Compre's strategic move to consolidate its market presence in the US and to build a center for excellence in medical malpractice insurance in Europe. A previous acquisition attempt of CSE by Porch was terminated by mutual agreement between Porch and Covéa.
Sectors
- Insurance
- Reinsurance
Geography
- United States – The CSE Group, being a US subsidiary, reflects the geographical focus of the transaction.
- Bermuda – Compre Group Holdings Limited is domiciled in Bermuda, indicating the geographical coverage of the acquiring company.
- France – Covéa is a French insurance group and the seller, highlighting the relevance of France in this transaction.
- Ireland – Compre’s earlier acquisition of Covéa's Irish subsidiary underscores Ireland's relevance to the company’s strategic plans.
Industry
- Insurance – The article involves the acquisition of an insurance company, CSE Group, which is part of the insurance sector.
- Reinsurance – Compre Group Holdings Limited is a specialty reinsurer, indicating the importance of the reinsurance industry in the context of the acquisition.
Financials
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Compre Group Holdings Limited | Acquirer | Company | A global specialty reinsurer based in Bermuda. |
| CSE Group | Target Company | Company | A US subsidiary of Covéa, consisting of two personal lines insurance carriers. |
| Covéa | Vendor | Company | A major French insurance group selling its US subsidiary, CSE Group. |
| Porch | Previous Bidder | Company | Initially announced plans to acquire CSE in 2021, but the transaction was terminated. |