Bermuda domiciled reinsurance run-off group, Premia Holdings Ltd., has reached an agreement to acquire Navigators Holdings (Europe) NV and its associated companies from The Hartford, subject to regulatory approvals.
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.
ASCO is an established Continental European insurer with headquarters in Antwerp, Belgium, with legal entities licensed to write business across 31 countries.
The acquisition from The Hartford sees ASCO become Premia’s dedicated platform in the Continental European market, and represents an important building block in the company’s global platform for legacy solutions.
Premia’s Chief Executive Officer (CEO), Bill O’Farrell, commented: “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.”
On the transaction, The Hartford was advised by Citi and Mayer Brown International LLP, while Premia was advised by Clifford Chance US LLP.
