PREMIA FORMS ELEVATION RE SIDECAR

Bermuda-based legacy specialist Premia Holdings has formed Elevation Re to provide collateralized reinsurance for its property/casualty run-off activities. The sidecar, which is licensed by the Cayman Islands Monetary Authority, has raised over $265m in initial commitments from third-party institutional investors. The sidecar enables Premia to support run-off reinsurance opportunities with additional capacity and allows investors in Elevation Re to participate alongside Premia in the rapidly-expanding p/c run-off market, the company said. Bill O’Farrell, chief executive officer of Premia, said: “This transaction brings our total managed capital to over $900mon and we look forward to deploying this capacity into thoughtful solutions for our clients.”