Premia Announces Acquisition of Armour and Additional Money Expenditure by Aquiline Capital Companions-led Trader Team | Business
4 min readNEW YORK & HAMILTON, Bermuda–(Business enterprise WIRE)–Feb 22, 2021–
Premia Holdings Ltd. (“Premia”) announced today that it has entered into an arrangement to obtain Armour Re Ltd. (“Armour”), a Bermuda-centered P&C legacy reinsurer and a wholly-owned subsidiary of Armour Group Ltd., an Aquiline Capital Companions LLC (“Aquiline”) portfolio organization, in an all-share transaction.
In conjunction with the acquisition, an Aquiline-led trader team is building a expansion equity investment decision in Premia. Between the equity increase and the sidecar raised at the conclusion of 2020, Premia has substantial new funds to execute on chances in the fast-increasing legacy market.
Invoice O’Farrell, Main Executive Officer of Premia, mentioned: “ We are delighted to have attained an arrangement with Armour and Aquiline. We think this transaction is a major milestone for Premia to further consolidate its situation as a foremost legacy P&C reinsurer. The Armour acquisition accelerates the construct out of our US and European functions. Premia is also thrilled to be partnering with Aquiline, a single of the pre-eminent buyers in the insurance coverage sector. We look forward to welcoming the personnel and our new shareholder into the Premia family”.
Chris Collins, Managing Director of Kelso & Corporation (“Kelso”), Premia’s the greater part shareholder, stated: “ Monthly bill O’Farrell and staff have constructed Premia into a differentiated, industry main operate-off reinsurer given that we started the enterprise with Arch and administration in 2017. The Armour transaction is extremely strategic in maximizing Premia’s abilities and delivering additional funds to accelerate development. Premia is properly-positioned to capitalize on the appealing option in the P&C operate-off market, and we are energized to go on to assist Bill and the Premia group when welcoming a new shareholder in Aquiline.”
Jeff Greenberg, Chairman and Chief Government Officer at Aquiline, said: “ We are enthusiastic to partner with Invoice and the Premia group, who we consider are best-in-course in the P&C legacy industry. We are also excited to husband or wife with Kelso and Arch who are well respected insurance policy sector buyers. Our choice to make investments in Premia reflects our perception that the P&C legacy sector will continue to be highly interesting.”
Premia will obtain Armour in a two-part transaction. Originally, Armour will transfer specific support contracts and staff members members to Premia. Premia will then obtain 100% of Armour Re Ltd. in trade for Premia shares.
TigerRisk Money Markets & Advisory is acting as unique money advisor to Armour on this transaction. Clifford Prospect and DLA Piper are acting as authorized advisors to Armour and Premia, respectively.
About Premia Holdings Ltd.
Premia is a top reinsurance group concentrated on transactions in the P&C legacy industry. Premia was recognized in January 2017 in Bermuda and sponsored by Arch Capital Team and Kelso & Firm with a $510m funds raise. Now, Premia has functions in Bermuda, Europe and the U.S. with in excess of $2bn of acquired loss reserves considering the fact that 2017.
About Kelso & Business
Kelso is one of the oldest and most proven companies specializing in personal equity investing. Because 1980, Kelso has invested close to $15 billion of fairness money in extra than 130 transactions. Kelso has significant knowledge investing in financial providers, owning deployed somewhere around $3 billion of fairness cash in the sector. For far more details, please pay a visit to www.kelso.com.
About Arch Cash Group Ltd.
Arch Money Group Ltd., a Bermuda-centered corporation with somewhere around $15.8 billion in funds at Dec. 31, 2020, supplies insurance coverage, reinsurance and mortgage loan coverage on a throughout the world basis by way of its wholly owned subsidiaries.
About Armour Team
Established in Bermuda in 2007, Armour is a expert in legacy P&C transactions throughout several geographies and assorted lines of business. It operates both of those as a principal and as company-service provider fund supervisor, with a important component of provider cost revenue.
About Aquiline Capital Companions
Aquiline Capital Companions, started in 2005, is a personal investment organization centered in New York and London investing in companies across the fiscal products and services sector in economic technologies, insurance coverage, investment decision management, company products and services, credit history and healthcare. The organization has $5.6 billion in property beneath administration as of September 30, 2020.
Perspective source variation on businesswire.com:https://www.businesswire.com/news/home/20210222005247/en/
Make contact with: Media
For Premia Holdings
Scott Maries
Premia Holdings Ltd.
441- 278-9176
[email protected] Aquiline Cash Associates
Brunswick Group
Alex Yankus
212-333-3810
Search phrase: NEW YORK NORTH The us UNITED STATES EUROPE BERMUDA CARIBBEAN
Marketplace Keyword: Specialist Solutions Insurance policies FINANCE
Source: Premia Holdings Ltd.
Copyright Small business Wire 2021.
PUB: 02/22/2021 09:00 AM/DISC: 02/22/2021 09:01 AM
http://www.businesswire.com/information/property/20210222005247/en
Copyright Small business Wire 2021.
