Clifford Chance

Clifford Chance Advises Premia Holdings Ltd. on its Formation as a New Bermuda-Based Reinsurance Company

Premia is the fifth reinsurance launch handled by the Firm's New York office under the leadership of Insurance/M&A partner Gary Boss.

Leading international law firm Clifford Chance has advised on the formation and capital raise of Premia Holdings Ltd. and its wholly owned subsidiary, Premia Reinsurance Ltd. ("Premia").

Premia is a Bermuda-based reinsurance company that specializes in runoff insurance. Backed by private equity firm Kelso & Company ("Kelso") and insurer Arch Capital Group Ltd. ("Arch"), Premia raised US$510 million in initial capital, including US$100 million from Arch and its co-investors, US$300 million from Kelso and its co-investors and US$110 million in senior unsecured debt from a leading private equity firm.

Clifford Chance has advised on most of the completed deals in this market since its inception, with an aggregate value of US$4.36 billion, including the Premia deal. Other deals include the award-winning launches of Watford Holdings (US$1.13 billion in 2014) and Fidelis Insurance Holdings (US$1.5 billion in 2015) – both recognized as the best capital raise of their respective years by Reactions magazine – as well as the launches of Harrington Reinsurance Holdings Limited (US$600 million in 2016) and KaylaRe (US$620 million in 2016).

In addition to Mr. Boss, the Firm's multidisciplinary team included Tax partner Mike Seaton; Capital Markets partner Per Chilstrom; and associates Analisa Dillingham, Kirsten Gaeta, Alan Kravitz, Dean Agnos and Andrew Young.

With Premia, Clifford Chance has continued its cutting-edge work in this market and remains the established market leader in alternative capital insurance ventures. Working collaboratively with these pioneering startups, Mr. Boss and his team are currently advising on other deals in this space.