View this article online: https://www.insurancejournal.com/news/international/2021/12/29/647464.htm
Bermuda-based reinsurance run-off specialist Premia Holdings Ltd. announced it has completed the acquisition from Hartford Financial Services of Navigators Holdings (Europe) NV and its subsidiaries, which include property/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.
This transaction, which has been approved by the National Bank of Belgium and the Commissariat Aux Assurances in Luxemburg, closed on Dec. 29, 2021. Financial details of the deal, first announced in October 2020, were not disclosed.
“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,” commented Bill O’Farrell, group chief executive officer of Premia.
“We look forward to bringing our financial strength, coupled with our operational and structuring expertise, to Continental European insurers,” he added.
A provider of risk transfer solutions, Premia is 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. With more than $1 billion in managed capital, Premia was launched in 2017 as a run-off specialist and was sponsored by Arch Capital Group Ltd. and Kelso & Co.
Source: Premia Holdings