HAMILTON, Bermuda--(BUSINESS WIRE)--Premia Holdings Ltd. announced today that one of its wholly-owned subsidiaries, Premia Reinsurance Limited (“Premia Re”), has entered into an agreement to reinsure AmTrust Financial Services, Inc. (“AmTrust”) with respect to its first quarter 2017 and prior net reserves.
Premia Re will assume net reserves of $625 million in excess of approximately $5.96 billion in net reserves and provide $400 million of additional coverage in excess of AmTrust’s net carried reserves of approximately $6.59 billion as of March 31, 2017. Premia Re will post the reinsurance premium as collateral in trust and will provide additional collateral protections to AmTrust in connection with this transaction.
Commenting on the successful transaction, Premia Holdings Ltd. Chief Executive Officer William E. O’Farrell noted, “This significant transaction highlights our ability to quickly and quietly deliver tailored solutions to our clients for large and complex matters. We welcomed the opportunity to work with AmTrust on this important reinsurance agreement and look forward to a successful ongoing relationship with the Company.”
Premia Holdings Ltd. is a Bermuda-based reinsurance group focused on reinsuring insurance and reinsurance portfolios and acquiring companies in runoff around the world. Premia currently has operations in Bermuda and the United States. Premia Holdings is majority owned by funds controlled by Kelso & Company and its co-investment partners. Arch Capital Group Ltd., through its subsidiaries, is a minority shareholder in Premia and a strategic reinsurance partner.
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