Premia Holdings Ltd., the Bermuda-based run-off specialist, announced that Premia Syndicate 1884 has entered into a loss portfolio transfer agreement with Hiscox Syndicate 33.
The portfolio consists of a diverse mix of business underwritten by Syndicate 33 during years of account 1993 to 2018.
Financial details of the transaction, which is retroactively effective to Jan. 1, 2022, were not disclosed.
Acrisure Corporate Advisory & Solutions (ARCAS) served as placing broker for this transaction.
“This is Premia’s fourth major transaction at Lloyd’s since acquiring our Lloyd’s managing agency and syndicate in 2020 and we have the team, scale and appetite to do more. Delivering successful run-off solutions to participants in the vibrant Lloyd’s market is a core part of our business and it is a pleasure to add such an historic insurer, that traces its history back over 120 years at Lloyd’s, to our client roster,” commented Bill O’Farrell, group chief executive officer of Premia.