Premia expands reinsurance capacity with Elevation Re formation

Bermuda-based Premia Holdings has formed a new sidecar that will provide collateralized reinsurance support for Premia’s activities in the global P&C run-off market.

Elevation Re, a newly formed segregated portfolio company that has been licensed by the Cayman Islands Monetary Authority, has raised over $265 million in initial commitments from third-party institutional investors.

It will enable Premia to support run-off reinsurance opportunities with additional capacity and allow investors to participate alongside Premia in the rapidly-expanding P&C run-off market.

Bill O’Farrell, CEO of Premia, said: “I am very pleased that leading institutional investors quickly grasped that the outstanding team we have assembled, coupled with the track record we have achieved over the last four years, makes Elevation Re a compelling investment opportunity. This transaction brings our total managed capital to over $900 million and we look forward to deploying this capacity into thoughtful solutions for our clients.”

TigerRisk Capital Markets & Advisory acted as exclusive structuring and placement agent on the transaction.