Premia syndicate agrees to LPT with Hiscox
Bermudian-based Premia Holdings Ltd has announced 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 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, the company said, 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 United States, Britain and Continental Europe.