PEMBROKE, Bermuda–(BUSINESS WIRE)–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
www.Premiaholdings.com
