Premia buys European assets of The Hartford
Premia Holdings Ltd today closed on its latest acquisition, 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 has been approved by the National Bank of Belgium and the Commissariat Aux Assurances in Luxembourg.
Premia Holdings Ltd is an insurance and reinsurance group with operations in Bermuda, the US, the UK and Europe that is focused on sourcing, structuring and servicing business in the global property and casualty run-off market.
With more than $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.