ABIR welcomes Premia Holdings as new member

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For Immediate Release

Contact: John Huff john.huff@abir.bm


ABIR welcomes Premia Holdings as new member

Global run-off specialist’s CEO Bill O’Farrell to join ABIR board

Hamilton, Bermuda (March 2, 2023) — The Association of Bermuda Insurers and Reinsurers (ABIR) is pleased to welcome Premia Holdings Ltd., a global acquirer and reinsurer of run-off portfolios, as a new member. Bill O’Farrell, Chief Executive Officer of Premia, has been appointed to the ABIR Board.

ABIR, which this year marks 30 years of representing the public policy interests of Bermuda’s leading international re/insurers, now has 30 member carriers, as well as four intermediaries in its Broker Advisory Cabinet.

Mr. O’Farrell raised over $500 million of capital to form Premia in 2017 and the company was named startup and launch of the year by the Intelligent Insurer and Reactions magazine, respectively. Premia has since assumed over $4 billion in reserves, and has nearly $1 billion in capital under management, including its sidecar.

Premia Reinsurance Ltd., the group’s flagship Class 4 reinsurer, is based in Bermuda, while Premia also has insurance and reinsurance operations in the U.S., Continental Europe and the UK, including a Lloyd’s Managing Agency.

Mr. O’Farrell joined Arch Capital Group in 2016 as an Executive Vice President in order to lead the formation of Premia, in which Arch is an investor. Prior to joining Arch, he served as Chief Reinsurance Officer at Chubb Ltd. for more than a decade.

Bermuda has become a global hub for the non-life run-off business, a market that has enabled insurers and reinsurers around the world to manage legacy issues, exit non-core business and free up capital.

Pina Albo, Chair of ABIR and CEO of Hamilton Insurance Group, Ltd., said: “Legacy carrier Premia plays a key role in an important and growing sector of Bermuda’s global re/insurance market. We are pleased to welcome Premia as a member of ABIR.”

Bill O’Farrell, CEO of Premia, said: “The Bermuda market offers an established and sophisticated regulatory framework with opportunities for innovation. This framework, coupled with market leading talent, global acceptance and capital access has allowed Bermuda and Premia to succeed.

“We are pleased to join ABIR and to become part of an organization that has raised the profile of this vibrant market now for three decades.”

John Huff, CEO of ABIR, said: “ABIR member companies are leaders in bringing together the capital and talent to find solutions for the world’s complex risks, from natural catastrophes and climate change, to cyber, mortgage, specialty and legacy risks.

“We are delighted to have Premia on board, as ABIR continues to represent the interests of Bermuda’s leading insurers and reinsurers in our public policy and advocation work.”


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About ABIR: The Association of Bermuda Insurers & Reinsurers (ABIR), which represents Bermuda’s major property and casualty insurers and reinsurers doing business in 150 countries, was founded in 1993. For three decades, the Bermuda market’s risk-bearing capacity has played a key role in enabling insurance to be accessible and affordable, to the benefit of consumers around the world. Bermuda is an internationally recognized center of global expertise on underwriting for catastrophe, climate, cyber, mortgage & credit risk transfer products, along with other specialty insurance and reinsurance. For more information, please visit: www.abir.bm. Follow us on Twitter @ABIR_Bermuda.

Premia Holdings Ltd. Has Acquired Alan Gray LLC

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HAMILTON, Bermuda–(BUSINESS WIRE)–Premia Holdings Ltd., a leading reinsurance group focused on reinsuring and acquiring companies in runoff, has acquired Alan Gray LLC, a highly respected international claims, audit and risk management advisory firm that has been a trusted advisor to its clients for over thirty years.

“I have been a client of Alan Gray’s for over 20 years across a broad spectrum of services. I know firsthand what a tremendous job they do for their clients. They bring tremendous expertise and cost effective solutions to every assignment. We are thrilled to make them a part of our group and we look forward to working with them to accelerate their growth and create even more satisfied clients,” commented Bill O’Farrell, CEO of Premia Holdings.

Alan Gray LLC was established in 1988 as a claims and audit advisory firm, and over the years has built a reputation as an efficient and trusted resource to those involved in the management of risk. The firm provides claims administration and audit services, actuarial, underwriting, legal bill auditing, reinsurance collections and risk management services to clients including leading insurers and reinsurers, MGAs, self-insured corporations and public entities.

“All of us on the Alan Gray team are very pleased to join the Premia team. It will allow us to bring our traditional services to new clients while providing our long standing clients expanded solutions to help them achieve their business objectives,” remarked Michael F. Ceppi, CEO of Alan Gray LLC.

Dowling Hales acted as exclusive advisor to Vanbridge, the seller.

KBRA Assigns Insurance Financial Strength Rating of A- to Premia Re

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

The ratings reflect Premia Re’s sound capitalization, which KBRA believes is sufficient to support the company’s planned acquisition strategy of run-off liabilities in the medium term. Part of Premia’s capital consists of $110 million of senior unsecured notes due January 2024. Additionally, Premia Re’s ratings benefit from the equity investment of Arch Capital Group Ltd. (Arch Capital) (NASDAQ: ACGL), a 25% quota share reinsurance agreement between the companies, as well as underwriting, systems, and operational support from Arch Capital. Moreover, Premia Re’s management team has extensive experience in the reinsurance market, especially in the run-off sector, and has successfully closed on a number of transactions during the company’s first year of operation. Premia Re acquires companies and portfolios in less volatile lines of business, eschewing property catastrophe exposure, and will maintain conservative financial leverage – currently 22%.

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 nonlife 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. KBRA expects Premia Re to report a small operating loss in 2017, its first year of operations, and achieve profitability in 2018. Finally, key man risk exists in that Premia Re needs to continue to build out its management team over time to develop bench strength for succession planning.

The Stable Outlook reflects KBRA’s expectations that Premia Re will continue to maintain sound capitalization while successfully executing its run-off acquisition strategy. Additionally, KBRA expects Premia Re to experience minimal credit losses in its investment portfolio, 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.

Please click here to view the report.

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KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider and 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.


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Reactions Magazine Selected Premia Holdings Ltd. (“Premia”) as its Launch of the Year

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Premia is a Bermuda-based company that is backed by private equity firm Kelso & Company (“Kelso”) and insurer Arch Capital Group Ltd. (“Arch”). Premia raised US$510 million in initial capital, including US$100 million from Arch and its co-investors, US$300 million from Kelso and its co-investors, and US$110 million in senior unsecured debt from a leading private equity firm.

Premia’s January 2017 capital raise is notable for being the largest-ever start-up reinsurer dedicated to runoff solutions and for employing an innovative structure that was previously unutilized in the property and casualty runoff market. Upon its launch, Premia was immediately
recognized as a significant industry player and is now competing for some of the market’s largest runoff transactions.

Reactions magazine is a leading global re/insurance publication. Its annual awards recognize transactions that have made a lasting impression on the North American insurance and reinsurance industry.