PEMBROKE, Bermuda–(BUSINESS WIRE)–Premia Holdings Ltd. has recently completed the acquisition of Navigators Holdings (Europe) NV and its subsidiaries, including property and 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.

Bill O’Farrell, Group Chief Executive Officer of Premia, noted “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. We look forward to bringing our financial strength, coupled with our operational and structuring expertise, to Continental European insurers.”

Premia is a leading provider of risk transfer solutions 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.

This transaction, which has been approved by the National Bank of Belgium and the Commissariat Aux Assurances in Luxemburg, closed on December 29, 2021.

About Premia Holdings (www.premiaholdings.com)

Premia Holdings Ltd. is an insurance and reinsurance group with operations in Bermuda, the U.S., the U.K. and Europe that is focused on sourcing, structuring and servicing business in the global property and casualty run-off market. With over $1 billion in managed capital, Premia is well equipped to execute acquisitions and reinsurance transactions in the global P&C run-off market. Premia was launched in 2017 as a run-off specialist and was sponsored by Arch Capital Group Ltd. and Kelso & Company.

Contacts

Premia Holdings Ltd.
Scott Maries, 441-278-9176
Chief Financial Officer
smaries@premiareltd.com

NEW YORK (July 19, 2021) – Kroll Bond Rating Agency (KBRA) upgrades the insurance financial strength rating (IFSR) on Premia Reinsurance Ltd. to A from A-, upgrades the issuer rating on Premia Holdings Ltd. to BBB+ from BBB, upgrades Premia Holdings’ senior unsecured debt rating to BBB+ from BBB, and upgrades all of Premia Holdings’ subordinated debt ratings to BBB from BBB-. The Outlook for all ratings is Stable.

Key Credit Considerations

The rating upgrade is driven by Premia’s ongoing successful execution of its run-off reinsurance strategy. KBRA believes the company has quickly established itself as a credible competitor in a market dominated by a few established, well-known companies. Since 2017 Premia has clearly and consistently demonstrated to sellers of legacy liabilities that it can deliver innovative, client-oriented solutions. Under the leadership of a seasoned management team, Premia’s capital has grown to nearly USD800 million at end-Q1 2021 through retained earnings, capital contributions and a manageable amount of senior and subordinated debt. The company maintains sound risk-based capitalization in line with peers in the non-life legacy market. KBRA believes that Premia’s financial leverage of 31.2% at end-Q1 2021 is manageable and expects the company to prudently source additional debt capital when appropriate to support its continued growth. Premia generates fee income through its claims management subsidiary, Alan Gray LLC, and its lead operating company, Premia Re, has significant dividend capacity. These sources provide solid interest coverage for all debt outstanding. With a proven track record of accessing the traditional private debt and equity capital markets, Premia has further enhanced its financial flexibility through the formation of a sidecar, Elevation Re (SPC) Ltd. with up to USD265 million of third-party capital. KBRA believes that Elevation Re provides Premia with cost-effective, just-in-time capital for executing transactions as well as an additional source of fee income. A recent acquisition by Alan Gray will further enhance its service offerings, capacity and talent pool as well as materially increase fee income over the medium term, further diversifying Premia’s earnings. KBRA believes that Premia has a comprehensive enterprise risk management framework and processes across the entire organization. Extensive modeling and stress testing of individual transactions and the entire portfolio are performed to ensure that capital remains adequate, liquidity is sufficient to pay liabilities when due, and regulatory requirements are met. KBRA believes that Premia operates under conservative risk tolerances and guidelines.

Balancing these strengths is Premia’s exposure to potential adverse reserve development as KBRA believes that longtail casualty loss reserves are subject to a high risk of change over the life of the claim settlement process due to evolving societal, legal, and regulatory factors. In addition, KBRA believes that Premia’s future success remains highly dependent on the original management team, but expects the build out of the organization to over 200 run-off professionals across Bermuda, the US, Europe, the UK and Lloyd’s of London creates a foundation for appropriate succession planning.

Rating Sensitivities

Continued successful execution of its business plan and favorable capital and earnings trends could generate positive rating momentum although an upgrade is not expected in the medium-term. A significant change in risk profile or business strategy, material adverse loss development or investment losses, elevated financial leverage, or loss of a key member of the management team could result in a negative rating action.

To access ratings and relevant documents, click here.

Related Publications: (available at www.kbra.com)
▪ Insurer & Insurance Holding Company Global Rating Methodology
▪ ESG Global Rating Methodology

Analytical Contacts

Carol Pierce, Senior Director (Lead Analyst)
+1 (646) 731-3307
cpierce@kbra.com
Ethan Kline, Associate
+1 (646) 731-1278
ethan.kline@kbra.com
Peter Giacone, Managing Director (Rating Committee Chair)
+1 (646) 731-2407
peter.giacone@kbra.com

Business Development Contact

Tina Bukow, Managing Director
+1 (646) 731-2368
tina.bukow@kbra.com

Disclosures

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA and KBRA Europe

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority pursuant to the Temporary Registration Regime. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

PEMBROKE, Bermuda–(BUSINESS WIRE)–Premia Holdings Ltd. (“Premia”) today announced the formation of Elevation Re (SPC) Ltd. (“Elevation Re”), a sidecar vehicle which will provide collateralized reinsurance support for Premia’s activities in the global P&C run-off market.

This arrangement enables Premia to support run-off reinsurance opportunities with additional capacity and allows investors in Elevation Re to participate alongside Premia in the rapidly-expanding P&C run-off market through a unique and innovative structure. Elevation Re, a newly formed segregated portfolio company that has been licensed by the Cayman Islands Monetary Authority, has raised over $265 million in initial commitments from third-party institutional investors.

Bill O’Farrell, Chief Executive Officer of Premia, said:

“I am very pleased that leading institutional investors quickly grasped that the outstanding team we have assembled, coupled with the track record we have achieved over the last four years, makes Elevation Re a compelling investment opportunity. This transaction brings our total managed capital to over $900 million and we look forward to deploying this capacity into thoughtful solutions for our clients.”

TigerRisk Capital Markets & Advisory acted as exclusive structuring and placement agent on the transaction. Sidley Austin LLP and Conyers Dill & Pearman acted as deal counsel and Mayer Brown LLP acted as legal counsel for the investors.

About Premia

Premia Holdings Ltd. is an insurance and reinsurance group with operations in Bermuda, the U.S., the U.K., and Europe that is focused on sourcing, structuring and servicing business in the global property and casualty run-off market. With over $900 million in managed capital, Premia is well equipped to execute acquisitions and reinsurance transactions in the global P&C run-off market. Premia was launched in 2017 as a run-off specialist and was 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

Signals & Strategies
Ansi Vallens
(518) 469 6219

Premia Holdings Ltd.
Scott Maries, 441-278-9176
Chief Financial Officer
smaries@premiareltd.com

View this news release on Business Wire at: https://www.businesswire.com/news/home/20201231005184/en/Premia-Expands-Reinsurance-Capacity-with-Elevation-Re-Formation

Pembroke, Bermuda – October 5, 2020 – 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

PEMBROKE, Bermuda–(BUSINESS WIRE)–Sep 16, 2020– Premia Holdings Ltd. (“Premia”), a leading reinsurance group focused on reinsuring and acquiring companies in runoff, has announced that Colin Grint will join Premia on October 1, 2020. Subject to customary regulatory approval, Colin will serve as Chief Executive Officer of Premia Managing Agency Ltd. and will have oversight of all of Premia’s operations in Europe. 

Colin is joining Premia from Arthur J. Gallagher, where he has served as Chief Operating Officer of its GGB Retail business. Colin previously served as CEO of both Charles Taylor’s and Capita’s Lloyd’s operations. Premia acquired Charles Taylor’s Lloyd’s Managing Agency in March 2020. 

Max Taylor, Chairman and Independent Non-Executive of Premia Managing Agency Ltd., noted, “We are delighted with the appointment of Colin to the Premia business. His in-depth expertise and knowledge of the Lloyd’s market will be critical in taking Premia’s operations to the next level of success.” 

Bill O’Farrell, Chief Executive Officer of Premia Holdings Ltd., added, “We have completed four transactions in the last ten months in the UK and we are thrilled to be adding Colin’s deep Lloyd’s expertise, commitment to operational excellence, and proven industry leadership to our team. This is an important milestone for Premia as we continue to expand our operations.” 

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 nearly $600 million in capital, Premia is well equipped to handle 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

View this news release on Business Wire at: https://www.businesswire.com/news/home/20200916005268/en/

NEW YORK (February 12, 2020) – Kroll Bond Rating Agency (KBRA) affirms the insurance financial strength rating (IFSR) of A- for Premia Reinsurance Ltd. (Premia Re), a class 4 Bermuda specialty reinsurer focused on acquiring nonlife run-off liabilities. KBRA also affirms the issuer rating of BBB for the organization’s ultimate holding company, Premia Holdings Ltd. (Premia Holdings). Additionally, KBRA affirms the rating of BBB for Premia Holdings’ outstanding senior unsecured notes. The Outlook for all ratings is Stable.

The ratings reflect Premia Re’s sound capitalization, operating profitability and seasoned management team. Premia Re’s risk-based capital ratio (BSCR) is on par with, or above, its run-off peers. Additionally, Premia Re has generated net income each year since inception, inclusive of start-up expenses. Three transactions were finalized during 2019, with mutual agreement reached on two additional ones by year-end that are currently awaiting regulatory approval. Premia Holdings’ management team has extensive experience in the reinsurance industry and currently employs more than 100 professionals in the sourcing, structuring and servicing of the legacy business it has acquired to date and its third-party fee business. Moreover, Premia Re benefits from a whole account quota share agreement provided by Arch Re, one of its founding sponsors. Premia Holdings maintains conservative financial leverage of roughly 20% at 9/30/2019.

Balancing these strengths is the start-up nature of the company and the execution risk for Premia Re’s management team as they enter a mature sector with established competitors. Although KBRA acknowledges that the property/casualty run-off business has demonstrated favorable return characteristics that are largely uncorrelated to the overall financial markets, the potential still exists for run-off business to experience adverse reserve development. Premia Holdings has somewhat mitigated this risk through the acquisition of Alan Gray LLC, a well-established and highly respected claim and audit service firm that provides a fee-based operating model that complements Premia Re’s business strategy. Finally, while its initial capital raise was oversubscribed, the ability of the management team to source additional capital at favorable pricing and terms to support continued growth has yet to be tested.

The Stable Outlook reflects KBRA’s expectation that Premia Re will continue to maintain sound capitalization while successfully executing its run-off acquisition strategy. Additionally, KBRA expects Premia Re to retain key members of its management team and preserve financial flexibility through conservative balance sheet metrics.

The ratings are based on KBRA’s Global Insurer & Insurance Holding Company Rating Methodology published on October 10, 2017. To access ratings, reports and disclosures for Premia Reinsurance Ltd., click here. To access ratings, reports and disclosures for Premia Holdings Ltd., click here.

Related Publications: (available at www.kbra.com)
▪ U.S. Property and Casualty Insurance 2020 Outlook: Bedrock Capital
Underpins Stability
▪ U.S. Title Insurance 2020 Outlook: The New Normal…For Now
▪ Quarterly (Re)Insurance Insights

Analytical Contacts

Carol Pierce, Senior Director
(646) 731-3307
cpierce@kbra.com
Andrew Edelsberg, Managing Director
(646) 731-2371
aedelsberg@kbra.com
Donna Halverstadt, Managing Director
(646) 731-3352
dhalverstadt@kbra.com

Business Development Contact

Tina Bukow, Managing Director
(646) 731-2368
tbukow@kbra.com

About KBRA and KBRA Europe

KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider, and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.

(September 11,  2019) – Charles Taylor and The Standard Club announce the sale, subject to regulatory approval, of Charles Taylor Managing Agency (and its associated companies, including The Standard Syndicate Services Limited and The Standard Syndicate Services Asia Pte. Ltd.) and the Lloyd’s corporate names, to a subsidiary of Premia Holdings Ltd. (Premia). 

Premia is a reinsurance group, focused on acquiring and reinsuring run-off portfolios. The acquisition of the managing agency will allow Premia to establish a dedicated legacy platform in the Lloyd’s market. 

All the staff of Charles Taylor Managing Agency will transfer to the new business which is expected to develop additional reinsurance to close (RITC) and run-off solutions for legacy business in Lloyd’s. Premia is fully committed to providing continuity to the run-off of Syndicate 1884. 

David Marock, Group Chief Executive Officer, Charles Taylor, said: “I am delighted that we have achieved a positive outcome and exciting future for the managing agency and our staff who work for the business. We look forward to working closely with Premia and to providing services to support them as they develop their new business proposition.” 

William O’Farrell, Group Chief Executive Officer of Premia, said: “Premia has been successfully delivering run-off solutions to insurers in the global P&C market for a number of years. This acquisition will enable us to deliver the same professional management of run-off to Lloyd’s insurers with trapped capacity and legacy portfolios and we are committed to providing continuity in the run-off of Syndicate 1884. We have the financial and operational capacity and expertise to deliver high quality solutions to Lloyd’s insurers.” 

Jeremy Grose, Chief Executive, The Standard Club, said: “This is a very positive outcome for The Standard Club as it enables us to make a clean exit from the club’s investment in the managing agency and syndicate. We are fully focused on delivering the club’s strategy to meet members’ core P&I insurance needs, to provide them with a wide range of insurance and to diversify the club’s source of revenues.” 

The financial terms of the transaction, which is subject to regulatory approval by Lloyd’s, the PRA, and FCA, are not being disclosed. 

Charles Taylor and The Standard Club were advised by Willis Re Corporate Solutions

Contacts

Mike Lord, Group Communications Director
Charles Taylor plc
+44 203 320 8938
mike.lord@ctplc.com
Vanessa Chance, Partner
Newgate
+44 020 3757 6870
charlestaylortrade@newgatecomms.com

About Charles Taylor (www.ctplc.com) 

Charles Taylor plc is a global provider of insurance-related technical services and solutions dedicated to enabling the global insurance market to do its business fundamentally better. 

We have been providing insurance-related professional services and technological solutions since 1884. Today, we employ around 3,000 staff in more than 100 locations spread across 30 countries in Europe, the Americas, Asia Pacific, the Middle East and Africa. 

We are distinctive in our market in that our professional services and technological solutions support every stage of the insurance lifecycle and every aspect of the insurance operating model. For the Property & Casualty (P&C) insurance market, we handle all major commercial lines, along with the more technical areas of personal lines; we do so similarly for the life and health insurance markets. 

The clients we support range from insurers – including corporates, mutuals, captives, MGAs, Lloyd’s syndicates and reinsurers – to brokers, distributors and corporate insureds. 

Our market-leading breadth of services and solutions, world‑class technical expertise, extensive global presence and 100% focus on insurance means we can manage and resolve virtually any insurance-related matter, wherever and whenever it occurs. 

About Premia Holdings (www.Premiaholdings.com ) 

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 $500 million in capital, Premia is well equipped to handle legacy acquisitions and reinsurance transactions in the global P&C run-off market. Premia is sponsored by Arch Capital Group Ltd. and Kelso & Company. 

About The Standard Club (www.standard-club.com) 

The Standard Club is a mutual insurance association and is a member of the International Group of P&I Clubs. The club is owned by its shipowner members and controlled by a board of directors drawn from the membership. It offers a broad range of P&I insurance and other marine and energy covers that represent excellent and sustainable value. It is recognised for providing excellent service through solving members’ problems and provides members with S&P A-rated financial security. 

The Standard Club insures 159m gt of shipping and has an S&P A rating. It is managed by Charles Taylor group companies.