Premia unveils Elevation Re sidecar
Premia Holdings has formed Elevation Re (SPC), a sidecar vehicle that provides collateralised reinsurance support for Premia’s activities in the global P&C run-off market.
The arrangement allows Premia to support run-off reinsurance opportunities with additional capacity and allows investors in Elevation Re to participate alongside Premia in the P&C run-off market.
Elevation Re has been licensed by the Cayman Islands Monetary Authority and has raised over $265 million in initial commitments from third-party institutional investors.
Bill O’Farrell, chief executive officer of Premia, said leading institutional investors had quickly grasped the compelling investment opportunity represented by Elevation Re. “This transaction brings our total managed capital to over $900 million and we look forward to deploying this capacity into thoughtful solutions for our clients,” he said.
TigerRisk Capital Markets & Advisory acted as exclusive structuring and placement agent on the transaction. Sidley Austin and Conyers Dill & Pearman acted as deal counsel, while Mayer Brown acted as legal counsel for the investors.