Premia Holdings has acquired Navigators Holdings (Europe) NV and its subsidiaries, including property and casualty insurer Assurances Continentales NV, located in Belgium, and its captive reinsurer Canal Re S.A., located in Luxembourg, from The Hartford.
Both groups had recently ceased writing new business. Following the move, Navigators Holdings will be renamed Premia Holdings (Europe) NV.
Bill O’Farrell, group CEO of Premia, said: “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.”
Premia is a provider of risk transfer solutions focused on legacy risks and run-off insurance portfolios with an established insurance platform operating in Bermuda, the United States and United Kingdom, including a managing agent at Lloyd’s of London.
The latest transaction, which has been approved by the National Bank of Belgium and the Commissariat Aux Assurances in Luxemburg, closed on 29 December, 2021.