Premia bolsters ABIR, CEO O’Farrell joins board
The Association of Bermuda Insurers and Reinsurers (ABIR) has unveiled Premia Holdings, a global acquirer and reinsurer of run-off portfolios, as a new member. Bill O’Farrell (pictured left), CEO of Premia, has also 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, now has 30 member carriers, as well as four intermediaries in its Broker Advisory Cabinet.
O’Farrell raised over $500 million of capital to form Premia in 2017. Premia has since assumed over $4 billion in reserves, and has nearly $1 billion in capital under management, including its sidecar.
Premia Reinsurance, the group’s Class 4 reinsurer, is based in Bermuda, while Premia also has insurance and reinsurance operations in the US, Continental Europe and the UK, including a Lloyd’s Managing Agency.
Bermuda has become a global hub for the non-life run-off business, a market that has enabled insurers and reinsurers around the world to manage legacy issues, exit non-core business and free up capital.
Pina Albo (pictured right), Chair of ABIR and CEO of Hamilton Insurance Group, 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, said: “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, said: “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.”