Bermuda domiciled reinsurance run-off group, Premia Holdings has completed the acquisition of Navigators Holdings (Europe) NV and its associated companies from The Hartford.
The associated companies included in the acquisition are Assurances Continentales – Continentale Verzekeringen NV of Belgium and Canal Re S.A. of Luxembourg, known collectively as ASCO, both of which recently ceased writing new business.
ASCO is an established Continental European insurer with headquarters in Antwerp, Belgium, with legal entities licensed to write business across 31 countries.
The acquisition was announced last year and will see Navigators Holdings rebranded as Premia Holdings (Europe) NV.
Premia intends to use the newly acquired and rebranded platform to further expand its run-off and legacy insurance acquisition business in Europe.
Bill O’Farrell, Group Chief Executive Officer of Premia, commented: “We are pleased to close this important transaction with The Hartford.
“We will repurpose ASCO from an insurer in run-off to a provider of run-off solutions, with growth opportunities for our newest team members.
“We look forward to bringing our financial strength, coupled with our operational and structuring expertise, to Continental European insurers.”
The transaction has been approved by regulators the National Bank of Belgium and the Commissariat Aux Assurances in Luxemburg and Premia expects it to close on December 29th 2021.
