Premia Expands Reinsurance Capacity with Elevation Re Formation
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.
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.
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.
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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.
Signals & Strategies
(518) 469 6219
Premia Holdings Ltd.
Scott Maries, 441-278-9176
Chief Financial Officer