Bermuda-based reinsurance run-off specialist Premia Holdings Ltd. has agreed to acquire Navigators Holdings (Europe) NV and its associated companies from The Hartford. Navigators’ associated companies are collectively referred to as ASCO and include Assurances Continentales – Continentale Verzekeringen NV of Belgium and Canal Re S.A. of Luxemburg.
Financial details of the transaction, which is subject to regulatory approvals, were not diclosed.
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.
Premia Holdings Ltd. is a reinsurance group with operations in Bermuda, the U.S. and Europe, which 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.
Source: Premia Holdings
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