KBRA Affirms Ratings of Premia Re and Premia Holdings
New York (August 26, 2024)
KBRA affirms the A insurance financial strength rating (IFSR) on Premia Reinsurance Ltd. (Premia Re). KBRA also affirms the BBB+ issuer rating on Premia Holdings Ltd. (Premia Holdings) as well as the BBB debt ratings on Premia Holdings’ subordinated notes. Collectively, the companies are referred to as Premia. The Outlook for all ratings is Stable.
Key Credit Considerations
The ratings reflect Premia’s strong risk-based capitalization, manageable financial leverage with strong interest coverage, financial flexibility and access to contingent capital, seasoned management team, strong enterprise risk management and favorable operating results. At the end of 2023, the group’s BSCR coverage ratio was 211% (2022: 219%), while Premia Re’s was 366% (2022: 384%). On a US GAAP basis, at year-end 2023, Premia Holdings’ debt/ capital was 34.3% (2022: 34.8%), essentially flat year-over-year with the unwind of unrealized losses on the fixed income portfolio offset by adverse loss reserve development. Removing the impact of AOCI losses, consistent with Premia Holdings’ debt covenants, debt/capital was 30.6% (2022: 29.0%). Given the material balance of unrestricted cash at the holding company, solid service fee income, and significant dividend capacity from Premia Re, KBRA believes that Premia Holdings’ debt service coverage is strong. Premia has a proven track record of prudently accessing capital from banks as well as the private debt and equity markets. Premia can also utilize contingent capital from its strategic sponsor via reinsurance support. Premia is led by an experienced team of professionals with significant underwriting, structuring, claims, and investment expertise backed by a growing staff across its platform. KBRA believes that Premia has a comprehensive, and continually evolving, enterprise risk management framework. The group performs extensive modeling and stress testing of individual transactions as well as the entire portfolio to ensure that capital remains sound, liquidity is strong to pay liabilities when due, and regulatory requirements are met. KBRA believes that Premia operates under conservative risk tolerance and guidelines. Premia Re has reported net income each year since inception, totaling $197.2 million through the end of 2023. Despite an underwriting loss of $27.1 million during 2023, driven by $32.6 million in net unfavorable loss reserve development, Premia Re reported $34.1 million net income for the year. Based on a strong pipeline and Premia’s consistent, conservative approach to the business, KBRA believes that Premia Re should be able to continue its track record of positive net financial results. Balancing these strengths are current legacy market dynamics and potential adverse reserve development. While KBRA notes that the nominal dollar amount of legacy reserves continues to grow, it also notes that the number of legacy acquirers has been shrinking over the recent past. Based on recently announced deals, the trend appears to be toward fewer, larger deals making the acquisition of legacy liabilities even more uneven than it inherently is. In addition, recent bid/ask spreads have made it hard to close deals without a catalyst. Long-tailed reserves, such as those assumed by Premia, are exposed to a high risk of change due to evolving societal, legal, regulatory, and macroeconomic environments over the life of the claims settlement process.
Rating Sensitivities
Sustained favorable capital trends, reduced financial leverage, and sustained favorable loss reserve development could result in a positive rating action. An adverse change in risk profile, continued adverse loss development, material realized investment losses or elevated financial leverage could result in a negative rating action.
To access rating and relevant documents, click here.
Methodologies
- Insurance: Insurer & Insurance Holding Company Global Rating Methodology
- ESG Global Rating Methodology
Analytical Contacts
Carol Pierce, Senior Director (Lead Analyst)
+1 646-731-3307
carol.pierce@kbra.com
Ethan Kline, Associate
+1 646-731-1278
ethan.kline@kbra.com
Lewis Delosa, Director
+1 646-731-2312
lewis.delosa@kbra.com
Peter Giacone, Senior Managing Director (Rating Committee Chair)
+1 646-731-2407
peter.giacone@kbra.com
Business Development Contact
Tina Bukow, Managing Director
+1 646-731-2368
tina.bukow@kbra.com
Disclosures
A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.
Information on the meaning of each rating category can be located here.
Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www. kbra.com.
About KBRA
Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.
Joshua Schwartz has been named General Counsel for Premia Holdings Ltd., a global insurance and reinsurance group that is a leading provider of solutions for the legacy market.
Josh most recently served as Senior Managing Counsel, Global Director of Reinsurance Litigation for the Chubb Group. His responsibilities included management and oversight of reinsurance disputes involving Chubb entities, including Chubb Tempest, Chubb Tempest Life, Brandywine, and the ceded reinsurance of Chubb’s insurance business globally.
Prior to this role, Josh served as General Counsel and Regional Compliance Officer for Chubb Bermuda (formerly ACE Bermuda). His responsibilities included providing legal advice on professional lines, excess liability, property, and reinsurance claims; participating in mediations, arbitrations, and other litigation; counseling underwriters on policy and reinsurance wordings; assisting with product development; and providing advice on risk management. Josh also participated on the ACE Bermuda Risk, Management, Audit, Reserving, Pension, and Investment Committees. Josh joined ACE in 2006 as Associate General Counsel (Litigation) in New York.
Before ACE, Josh worked as Counsel at O’Melveny & Myers, Associate at Fried Frank and Law Clerk to the Hon. Federico A. Moreno, District Court Judge, Southern District of Florida.
Josh currently serves as President and a member of the Board of Directors of ARIAS-US, an industry association dedicated to improving the insurance and reinsurance arbitration process for international and domestic markets. He has also been a key contributor to various industry conferences and has authored important articles on insurance and reinsurance matters.
Bill O’Farrell, CEO of Premia, noted: “I am incredibly pleased Josh has joined Premia as General Counsel. We pride ourselves on attracting top industry talent and Josh is our latest example in this regard. His experience is tailor made for Premia and we are thrilled to have him on board.”
SPX Technologies Divests Legacy Asbestos Liabilities
CHARLOTTE, N.C., November 1, 2022 (GLOBE NEWSWIRE) — SPX Technologies, Inc. (“SPX Technologies,” or “SPX”) (NYSE:SPXC) today announced that it has divested three wholly-owned subsidiaries (“the subsidiaries”) that hold asbestos liabilities and certain assets, including related insurance assets, to Canvas Holdco LLC (“Canvas”), an entity formed by a joint venture of Global Risk Capital LLC and an affiliate of Premia Holdings Ltd. In connection with this transaction, SPX contributed $138.8 million in cash to the subsidiaries, financed with cash on hand; while Canvas made a capital contribution to the subsidiaries of $8 million. SPX anticipates that the divestiture will result in an annual benefit to its Adjusted Earnings Per Share of $0.08 to $0.10 beginning in 2023.
Gene Lowe, SPX’s President and Chief Executive Officer stated: “I’m very pleased with this transaction, which is another step forward on our value creation journey. For the past seven years SPX has been executing successfully on our value creation initiatives, building our core platforms, exiting non-strategic businesses, and reducing complexity and risk. The divestiture of these legacy liabilities further strengthens and streamlines our company, and provides greater long-term financial certainty for our investors, as it further simplifies our business model, improves our cash generation, and frees up resources to focus on driving accelerated organic and inorganic growth.”
Transaction Overview
Canvas has assumed the operational management of the subsidiaries, including the administration of all the asbestos claims and collection of existing insurance policy reimbursements.
As a result of the transaction, all asbestos liabilities and related insurance assets will not be included in SPX’s consolidated year-end 2022 balance sheet. The divestiture will result in an estimated one-time loss that will be recorded in the fourth quarter of 2022, and will be excluded from adjusted earnings per share.
Nomura Securities International, Inc. acted as exclusive financial advisor to SPX in connection with the transaction, and legal counsel to SPX was provided by Shearman & Sterling LLP.
About SPX Technologies: SPX Technologies is a diversified, global supplier of highly engineered products and technologies, holding leadership positions in the HVAC and detection and measurement markets. Based in Charlotte, North Carolina, SPX Technologies has more than 3,100 employees in 15 countries. SPX Technologies is listed on the New York Stock Exchange under the ticker symbol “SPXC.” For more information, please visit www.spx.com.
About Global Risk Capital: Global Risk Capital (GRC) is the leading acquirer and manager of legacy corporate assets and liabilities with operations in the U.S., U.K and Europe. Its mission is to assist corporate stakeholders with achieving certainty and finality through transactions that optimize corporate balance sheets and allow management to refocus on core business operations. Since 2001, it has completed over 140 portfolio acquisitions and investments. For more information, please visit www.g-risk.com
About Premia Holdings Ltd.: (www.premiaholdings.com ) Premia Holdings Ltd. is an insurance and reinsurance group with operations in Bermuda, the U.S., the U.K. (including Lloyd’s) and Continental Europe that is focused on sourcing, structuring and servicing business in the legacy market for insurers, reinsurers and industrials. With approximately $1 billion in managed capital, Premia is well equipped to execute acquisitions and reinsurance transactions in the legacy market.
Investor and Media Contacts:
Paul Clegg, VP, Investor Relations and Communications
Garrett Roelofs, Assistant Manager, Investor Relations
Phone: 980-474-3806
E-mail: spx.investor@spx.com
Source: SPX Technologies, Inc.
Premia Holdings Ltd. announced today that Premia Syndicate 1884 has entered into a Loss Portfolio Transfer Agreement with Hiscox Syndicate 33. The subject portfolio consists of a diverse mix of business underwritten by Syndicate 33 during Years of Account 1993 to 2018.
The transaction is retroactively effective to January 1, 2022. Acrisure Corporate Advisory & Solutions (“ARCAS”) served as placing broker for this transaction.
Bill O’Farrell, Group Chief Executive Officer of Premia, said: “This is Premia’s fourth major transaction at Lloyd’s since acquiring our Lloyd’s Managing Agency and syndicate in 2020 and we have the team, scale and appetite to do more. Delivering successful run-off solutions to participants in the vibrant Lloyd’s market is a core part of our business and it is a pleasure to add such an historic insurer, that traces its history back over 120 years at Lloyd’s, to our client roster.”
Premia Syndicate 1884 is managed by Premia Managing Agency Ltd. and provides risk-transfer and run-off solutions for other Lloyd’s syndicates and capital providers. Syndicate 1884 has assumed nearly $1.7 billion in reserves under Premia’s management.
Since its launch in 2017, Premia has acquired more than $3 billion in gross loss reserves across several transactions and has built a durable franchise with an operating platform that spans Bermuda, the US, the UK, and Continental Europe.
Contact
Premia Holdings Ltd.
Scott Maries, 441-278-9176
Chief Financial Officer
smaries@premiareltd.com
About Premia Holdings (www.premiaholdings.com )
Premia Holdings Ltd. is an insurance and reinsurance group focused on acquiring and servicing property and casualty insurance business in run-off. With approximately $1 billion in managed capital, Premia is well equipped to provide compelling insurance and reinsurance solutions in the global property and casualty insurance run-off market. In addition, Premia’s wholly-owned subsidiary, Alan Gray LLC, is a 34-year-old professional services firm with a blue chip client list and a strong, complementary fee business. Alan Gray’s services include claim management, legal bill reviews, audits, data analytics and complex litigation analysis.
NEW YORK (July 20, 2022) – KBRA affirms the A insurance financial strength rating (IFSR) on Premia Reinsurance Ltd. KBRA also affirms the BBB+ issuer rating on Premia Holdings Ltd. as well as the BBB debt ratings on all of Premia Holdings’ subordinated notes. The Outlook for all ratings is Stable.
Key Credit Considerations
The ratings reflect Premia’s ongoing successful execution of its run-off business strategy. Over the past five years, Premia has acquired more than USD 3 billion in gross loss reserves across several transactions, including the acquisition of insurance regulated entities in the US, UK, Belgium, Luxembourg and Lloyd’s of London (AA-/Stable). Through a combination of retained earnings and a manageable amount of additional debt, Premia Holdings’ capital grew to USD 829.3 million at end-2021, up 22.4% over prior year end. KBRA believes that both the group and the lead operating company maintain strong risk-based capitalization with significant capacity to execute additional transactions over the medium term. Premia Holdings’ financial leverage was 29.8% at end-2021. KBRA expects the company to prudently source any additional debt capital to support planned growth. With fee income from Alan Gray LLC, the group’s claims management administrator, significant dividend capacity from Premia Re, the group’s lead operating company, and material interest expense savings from the refinancing of the company’s senior unsecured notes in May 2022, interest coverage on all outstanding debt is strong. With a proven track record of accessing needed capital from banks as well as the private debt and equity markets, Premia also has access to soft capital from its sidecar, Elevation Re (SPC) Ltd., and from its sponsor, Arch Capital Group Ltd. (NASDAQ: ACGL) via reinsurance support. KBRA believes that Premia has a comprehensive, and continually evolving, risk management framework. Extensive modeling and stress testing of individual transactions and the entire portfolio are performed to ensure that capital remains sound, liquidity is strong to pay liabilities when due, and regulatory requirements are met. KBRA believes that Premia operates under conservative risk tolerances and guidelines.
Balancing these strengths are increased competition and capital inflows into the non-life run-off market, partially offset by growing market demand for run-off solutions by active underwriters seeking to free up capital in order to grow their business in current attractive pricing environments. KBRA believes that despite the increased competition, Premia is well-positioned to capitalize on current market opportunities due to its size, infrastructure, and underwriting expertise. Premia is also exposed to potential adverse loss reserve development as KBRA believes that long-tail casualty is subject to a high risk of change due to evolving societal, legal and regulatory environments over the life of the claim settlement process. The current economic pressure from rising inflation adds further uncertainly to the eventual outcome of the claims settlement process.
Rating Sensitivities
Favorable capital trends, continued successful execution of its run-off business strategy, and favorable earnings trends as evidenced by the underlying economics of the transactions could generate a positive rating action. A significant change in profile or business strategy, material adverse loss development or realized investment losses, elevated financial leverage, or loss of a key member of the management team could result in a negative rating action.
Click here to view the report. To access ratings and relevant documents, click here.
Related Publications:
- Balancing ESG Priorities Never More Challenging for Insurers
- Long Time No See: What Inflation Might Mean for Insurers
- Ukraine-Russia: Some (Re)insurers Will Feel the Pain of the Russia-Ukraine War
Analytical Contacts
Carol Pierce, Senior Director (Lead Analyst)
+1 (647) 731-3307
carol.pierce@kbra.com
Ethan Kline, Associate
+1 (646) 731-1278
ethan.kline@kbra.com
Peter Giacone, Senior Managing Director (Rating Committee Chair)
+1 (646) 731-2407
peter.giacone@kbra.com
Business Development Contact
Tina Bukow, Managing Director
+1 (646) 731-2368
tina.bukow@kbra.com
Disclosures
Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.
A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.
Information on the meaning of each rating category can be located here.
Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.
About KBRA
Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority pursuant to the Temporary Registration Regime. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.
PEMBROKE, Bermuda–(BUSINESS WIRE)–Premia Holdings Ltd. has recently completed the acquisition of Navigators Holdings (Europe) NV and its subsidiaries, including property and casualty insurer Assurances Continentales NV (known as “ASCO”), located in Belgium, and its captive reinsurer Canal Re S.A., located in Luxembourg, both of which recently ceased writing new business. Navigators Holdings will be renamed Premia Holdings (Europe) NV.
Bill O’Farrell, Group Chief Executive Officer of Premia, noted “We are pleased to close this important transaction with The Hartford. We will repurpose ASCO from an insurer in run-off to a provider of run-off solutions, with growth opportunities for our newest team members. We look forward to bringing our financial strength, coupled with our operational and structuring expertise, to Continental European insurers.”
Premia is a leading provider of risk transfer solutions focused on legacy risks and run-off insurance portfolios with an established insurance platform operating in Bermuda, the United States and United Kingdom, including a managing agent at Lloyd’s of London.
This transaction, which has been approved by the National Bank of Belgium and the Commissariat Aux Assurances in Luxemburg, closed on December 29, 2021.
About Premia Holdings (www.premiaholdings.com)
Premia Holdings Ltd. is an insurance and reinsurance group with operations in Bermuda, the U.S., the U.K. and Europe that is focused on sourcing, structuring and servicing business in the global property and casualty run-off market. With over $1 billion in managed capital, Premia is well equipped to execute acquisitions and reinsurance transactions in the global P&C run-off market. Premia was launched in 2017 as a run-off specialist and was sponsored by Arch Capital Group Ltd. and Kelso & Company.
Contacts
Premia Holdings Ltd.
Scott Maries, 441-278-9176
Chief Financial Officer
smaries@premiareltd.com
NEW YORK (July 19, 2021) – Kroll Bond Rating Agency (KBRA) upgrades the insurance financial strength rating (IFSR) on Premia Reinsurance Ltd. to A from A-, upgrades the issuer rating on Premia Holdings Ltd. to BBB+ from BBB, upgrades Premia Holdings’ senior unsecured debt rating to BBB+ from BBB, and upgrades all of Premia Holdings’ subordinated debt ratings to BBB from BBB-. The Outlook for all ratings is Stable.
Key Credit Considerations
The rating upgrade is driven by Premia’s ongoing successful execution of its run-off reinsurance strategy. KBRA believes the company has quickly established itself as a credible competitor in a market dominated by a few established, well-known companies. Since 2017 Premia has clearly and consistently demonstrated to sellers of legacy liabilities that it can deliver innovative, client-oriented solutions. Under the leadership of a seasoned management team, Premia’s capital has grown to nearly USD800 million at end-Q1 2021 through retained earnings, capital contributions and a manageable amount of senior and subordinated debt. The company maintains sound risk-based capitalization in line with peers in the non-life legacy market. KBRA believes that Premia’s financial leverage of 31.2% at end-Q1 2021 is manageable and expects the company to prudently source additional debt capital when appropriate to support its continued growth. Premia generates fee income through its claims management subsidiary, Alan Gray LLC, and its lead operating company, Premia Re, has significant dividend capacity. These sources provide solid interest coverage for all debt outstanding. With a proven track record of accessing the traditional private debt and equity capital markets, Premia has further enhanced its financial flexibility through the formation of a sidecar, Elevation Re (SPC) Ltd. with up to USD265 million of third-party capital. KBRA believes that Elevation Re provides Premia with cost-effective, just-in-time capital for executing transactions as well as an additional source of fee income. A recent acquisition by Alan Gray will further enhance its service offerings, capacity and talent pool as well as materially increase fee income over the medium term, further diversifying Premia’s earnings. KBRA believes that Premia has a comprehensive enterprise risk management framework and processes across the entire organization. Extensive modeling and stress testing of individual transactions and the entire portfolio are performed to ensure that capital remains adequate, liquidity is sufficient to pay liabilities when due, and regulatory requirements are met. KBRA believes that Premia operates under conservative risk tolerances and guidelines.
Balancing these strengths is Premia’s exposure to potential adverse reserve development as KBRA believes that longtail casualty loss reserves are subject to a high risk of change over the life of the claim settlement process due to evolving societal, legal, and regulatory factors. In addition, KBRA believes that Premia’s future success remains highly dependent on the original management team, but expects the build out of the organization to over 200 run-off professionals across Bermuda, the US, Europe, the UK and Lloyd’s of London creates a foundation for appropriate succession planning.
Rating Sensitivities
Continued successful execution of its business plan and favorable capital and earnings trends could generate positive rating momentum although an upgrade is not expected in the medium-term. A significant change in risk profile or business strategy, material adverse loss development or investment losses, elevated financial leverage, or loss of a key member of the management team could result in a negative rating action.
To access ratings and relevant documents, click here.
Related Publications: (available at www.kbra.com)
▪ Insurer & Insurance Holding Company Global Rating Methodology
▪ ESG Global Rating Methodology
Analytical Contacts
Carol Pierce, Senior Director (Lead Analyst)
+1 (646) 731-3307
cpierce@kbra.com
Ethan Kline, Associate
+1 (646) 731-1278
ethan.kline@kbra.com
Peter Giacone, Managing Director (Rating Committee Chair)
+1 (646) 731-2407
peter.giacone@kbra.com
Business Development Contact
Tina Bukow, Managing Director
+1 (646) 731-2368
tina.bukow@kbra.com
Disclosures
A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.
Information on the meaning of each rating category can be located here.
Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.
About KBRA and KBRA Europe
Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority pursuant to the Temporary Registration Regime. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.
PEMBROKE, Bermuda–(BUSINESS WIRE)–Premia Holdings Ltd. (“Premia”) today announced the formation of Elevation Re (SPC) Ltd. (“Elevation Re”), a sidecar vehicle which will provide collateralized reinsurance support for Premia’s activities in the global P&C run-off market.
This arrangement enables Premia to support run-off reinsurance opportunities with additional capacity and allows investors in Elevation Re to participate alongside Premia in the rapidly-expanding P&C run-off market through a unique and innovative structure. Elevation Re, a newly formed segregated portfolio company that has been licensed by the Cayman Islands Monetary Authority, has raised over $265 million in initial commitments from third-party institutional investors.
Bill O’Farrell, Chief Executive Officer of Premia, said:
“I am very pleased that leading institutional investors quickly grasped that the outstanding team we have assembled, coupled with the track record we have achieved over the last four years, makes Elevation Re a compelling investment opportunity. This transaction brings our total managed capital to over $900 million and we look forward to deploying this capacity into thoughtful solutions for our clients.”
TigerRisk Capital Markets & Advisory acted as exclusive structuring and placement agent on the transaction. Sidley Austin LLP and Conyers Dill & Pearman acted as deal counsel and Mayer Brown LLP acted as legal counsel for the investors.
About Premia
Premia Holdings Ltd. is an insurance and reinsurance group with operations in Bermuda, the U.S., the U.K., and Europe that is focused on sourcing, structuring and servicing business in the global property and casualty run-off market. With over $900 million in managed capital, Premia is well equipped to execute acquisitions and reinsurance transactions in the global P&C run-off market. Premia was launched in 2017 as a run-off specialist and was sponsored by Arch Capital Group Ltd. and Kelso & Company.
Cautionary Statement
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. This release or any other written or oral statements made by or on behalf of Premia Holdings Ltd. and its subsidiaries may include forward-looking statements, which reflect our current views with respect to future events and financial performance. All statements other than statements of historical fact included in or incorporated by reference in this release are forward-looking statements.
Forward-looking statements can generally be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe” or “continue” or their negative or variations or similar terminology. Forward-looking statements involve our current assessment of risks and uncertainties. Actual events and results may differ materially from those expressed or implied in these statements.
All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Contacts
Signals & Strategies
Ansi Vallens
(518) 469 6219
Premia Holdings Ltd.
Scott Maries, 441-278-9176
Chief Financial Officer
smaries@premiareltd.com
View this news release on Business Wire at: https://www.businesswire.com/news/home/20201231005184/en/Premia-Expands-Reinsurance-Capacity-with-Elevation-Re-Formation
Pembroke, Bermuda – October 5, 2020 – Premia Holdings Ltd. (“Premia”) has agreed to acquire Navigators Holdings (Europe) NV (and its associated companies, including Assurances Continentales – Continentale Verzekeringen NV of Belgium and Canal Re S.A. of Luxemburg) (collectively referred to as “ASCO”) from The Hartford. The transaction is subject to typical regulatory approvals.
ASCO is an established Continental European insurance group that is headquartered in Antwerp, Belgium with legal entities licensed to write business across 31 countries.
Premia is focused on acquiring and reinsuring legacy portfolios. ASCO will be Premia’s dedicated platform in the Continental European market and represents an important building block in Premia’s global platform for legacy solutions.
Bill O’Farrell, Chief Executive Officer of Premia, said: “We are delighted that we have developed a positive solution with The Hartford for ASCO, and we look forward to welcoming ASCO and its staff into the Premia family.”
The Hartford was advised by Citi and Mayer Brown International LLP. Premia was advised by Clifford Chance US LLP.
About Premia
Premia Holdings Ltd. is a reinsurance group with operations in Bermuda, the U.S. and Europe that is focused on sourcing, structuring and servicing run-off business. With over $600 million in capital, Premia is well equipped to execute acquisitions and reinsurance transactions in the global P&C run-off market. Premia is sponsored by Arch Capital Group Ltd. and Kelso & Company.
Cautionary Statement
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. This release or any other written or oral statements made by or on behalf of Premia Holdings Ltd. and its subsidiaries may include forward-looking statements, which reflect our current views with respect to future events and financial performance. All statements other than statements of historical fact included in or incorporated by reference in this release are forward-looking statements.
Forward-looking statements can generally be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe” or “continue” or their negative or variations or similar terminology. Forward-looking statements involve our current assessment of risks and uncertainties. Actual events and results may differ materially from those expressed or implied in these statements.
All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Contacts
Premia Holdings Ltd.
Scott Maries, 441-278-9176
Chief Financial Officer
smaries@premiareltd.com