The Association of Bermuda Insurers and Reinsurers (ABIR) has welcomed Premia Holdings Ltd, a global acquirer and reinsurer of run-off portfolios as a new member.
At the same time, Bill O’Farrell, Chief Executive Officer of Premia, has been appointed to the ABIR Board.
ABIR, which this year marks 30 years of representing the public policy interests of Bermuda’s leading international re/insurers, has sustained 30 member carriers, as well as four intermediaries within its Broker Advisory Cabinet.
In 2017, O’Farrell raised over $500 million of capital to form Premia. Since launching, Premia has assumed over $4 billion in reserves, and has nearly $1 billion in capital under management, which includes its sidecar.
Moreover, Premia Reinsurance Ltd., the group’s flagship Class 4 reinsurer, is based in Bermuda, while Premia also contains re/insurance operations in the US, Continental Europe and the UK, including a Lloyd’s Managing Agency.
An experienced veteran within the industry, O’Farrell has held a variety of different roles in various companies, including Arch Capital Group in 2016, where he served as Executive Vice President in order to lead the formation of Premia, in which Arch is an investor.
Prior to joining Arch, he held the role of Chief Reinsurance Officer at Chubb Ltd. for more than a decade.
Pina Albo, Chair of ABIR and CEO of Hamilton Insurance Group, Ltd., said: “Legacy carrier Premia plays a key role in an important and growing sector of Bermuda’s global re/insurance market. We are pleased to welcome Premia as a member of ABIR.”
Bill O’Farrell, CEO of Premia, added: “The Bermuda market offers an established and sophisticated regulatory framework with opportunities for innovation. This framework, coupled with market leading talent, global acceptance and capital access has allowed Bermuda and Premia to succeed. We are pleased to join ABIR and to become part of an organization that has raised the profile of this vibrant market now for three decades.”
John Huff, CEO of ABIR, commented: “ABIR member companies are leaders in bringing together the capital and talent to find solutions for the world’s complex risks, from natural catastrophes and climate change, to cyber, mortgage, specialty and legacy risks. We are delighted to have Premia on board, as ABIR continues to represent the interests of Bermuda’s leading insurers and reinsurers in our public policy and advocation work.”
