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February 23, 2021

Premia signs deal to acquire P&C legacy reinsurer Armour Re

Premia Holdings has signed an agreement to acquire Bermuda-based P&C legacy reinsurer Armour Re through an all-share transaction.

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2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

Armour Re is a wholly-owned subsidiary of Armour Group, an Aquiline Capital Partners portfolio company.

As agreed, Premia will acquire Armour Re in two stages. In the first phase, Premia will assume certain service contracts and staff members and then, in the second part, it will acquire Armour in exchange for Premia shares.

Concurrently, Premia will secure a growth equity investment from an Aquiline-led investor group.

Premia CEO Bill O’Farrell said: “We are delighted to have reached an agreement with Armour and Aquiline. We believe this transaction is a major milestone for Premia to further consolidate its position as a leading legacy P&C reinsurer.

“The Armour acquisition accelerates the build out of our US and European operations. Premia is also excited to be partnering with Aquiline, one of the pre-eminent investors in the insurance sector. We look forward to welcoming the staff and our new shareholder into the Premia family.”

Aquiline chairman and CEO Jeff Greenberg said: “We are excited to partner with Bill and the Premia team, who we believe are best-in-class in the P&C legacy market. We are also excited to partner with Kelso and Arch who are well respected insurance industry investors.

“Our decision to invest in Premia reflects our belief that the P&C legacy sector will continue to be highly attractive.”

Last month, Premia Holdings expanded its reinsurance capacity by establishing a sidecar vehicle, named Elevation Re (SPC) Limited.

Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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