View this article online: https://www.insurancejournal.com/news/international/2022/08/17/680800.htm
Premia Holdings Ltd., the Bermuda-based run-off specialist, announced that Premia Syndicate 1884 has entered into a loss portfolio transfer agreement with Hiscox Syndicate 33.
The portfolio consists of a diverse mix of business underwritten by Syndicate 33 during years of account 1993 to 2018.
Financial details of the transaction, which is retroactively effective to Jan. 1, 2022, were not disclosed.
Acrisure Corporate Advisory & Solutions (ARCAS) served as placing broker for this transaction.
“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,” commented Bill O’Farrell, group chief executive officer of Premia.
Managed by Premia Managing Agency Ltd., Premia Syndicate 1884 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.
Launched in 2017, Premia focuses on acquiring and reinsuring run-off liabilities. The company has acquired more than $3 billion in gross loss reserves across several transactions. With approximately $1 billion in managed capital, Premia Holdings operates out of Bermuda, the U.S., the UK, and Continental Europe. Premia’s wholly owned subsidiary, Alan Gray LLC, is a 34-year-old professional services firm with a blue chip client list and a strong, complementary fee business. Alan Gray’s services include claim management, legal bill reviews, audits, data analytics and complex litigation analysis.
Source: Premia Holdings