Premia Holdings, a Bermuda-registered property & casualty (P&C) insurance and reinsurance startup, raised $510m yesterday from investors including an affiliate of insurance and reinsurance provider Arch Capital Group.
The company’s other founding backers include private equity firm Kelso & Company and its co-investors, as well as undisclosed senior Arch Capital members, institutional investors and Premia’s management team.
Premia will provide specialist P&C runoff insurance services to businesses around the world, helping them to ensure their companies and portfolios are sufficiently protected against claims.
Arch Capital is Premia’s strategic reinsurance partner in addition to a founding investor, and will help it compete against established providers on large runoff transactions.
Marc Grandisson, Arch Capital’s president and chief operating officer, said: “We are very pleased to help launch Premia.
“We believe that Premia, with its strong management team, will be well positioned to provide innovative solutions and structures not available in the P&C runoff market today.”
Premia received legal advice on the transaction from Clifford Chance and Conyers Dill & Pearman, while Kelso was advised by Debevoise & Plimpton and Arch was by Cahill Gordon & Reindel.