Premia Holdings Ltd has completed an acquisition that expands its European reinsurance operations, adding Luxembourg-based property and casualty reinsurer Cowen Reinsurance to the group.

The Bermudian-headquartered legacy insurance and reinsurance specialist acquired Ramius Enterprise Luxembourg Holdco and its subsidiaries in a transaction with TD Bank. Cowen Reinsurance has been renamed Premia Reinsurance Europe.

The deal closed on October 30 after receiving approval from Luxembourg’s insurance regulator, the Commissariat aux Assurances. Financial terms were not disclosed in the announcement.

Bill O’Farrell, group chief executive officer of Premia, said the acquisition would strengthen the company’s ability to serve insurers in the region.

“We are pleased to close this important transaction with TD Bank,” he said. “This acquisition provides our clients with a local professional reinsurance solution in an important European market.”

Premia focuses on legacy risks, structured solutions and run-off insurance portfolios. Its business includes acquiring and reinsuring property and casualty liabilities, with a focus on sourcing, structuring and servicing transactions in the global legacy market.

The acquisition adds to a group with established insurance platforms in Bermuda, the United States, Belgium, Luxembourg, Germany and the United Kingdom. Its operations also include a managing agent at Lloyd’s of London.

Premia was launched in 2017 as a legacy market specialist and said it has completed more than $5 billion in transactions.