The Hartford to sell Navigators’ European business to Premia

Property/casualty insurer The Hartford has reached an agreement to sell the European business of Navigators Group to Bermuda domiciled legacy reinsurer Premia Holdings.

The acquisition from The Hartford will see Premia acquire Navigators Holdings (Europe) and its associated companies, including Assurances Continentales – Continentale Verzekeringen NV of Belgium and Canal Re S.A. of Luxemburg, known collectively as ASCO.

ASCO is an established Continental European insurance group that is headquartered in Antwerp, Belgium with legal entities licensed to write business across 31 countries.

The Hartford acquired specialty insurance provider Navigators Group for $2.1 billion in 2019.

Premia said it is focused on acquiring and reinsuring legacy portfolios.

ASCO will be Premia’s dedicated platform in the Continental European market and represents an important building block in the company's global platform for legacy solutions.

Bill O’Farrell, chief executive officer of Premia, said: “We are delighted that we have developed a positive solution with The Hartford for ASCO, and we look forward to welcoming ASCO and its staff into the Premia family.”