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

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

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

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.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

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.