Premia Holdings Joins ABIR, CEO Bill O'Farrell Appointed to ABIR Board

Premia Holdings Ltd., a global acquirer and reinsurer of run-off portfolios, has joined the Association of Bermuda Insurers and Reinsurers (ABIR). Bill O'Farrell, Premia's CEO, has been appointed to the ABIR board.

The ABIR now has 30 member insurers and reinsurers, as well as 4 intermediaries in its Broker Advisory Cabinet.

Premia Reinsurance Ltd., Premia Holding's flagship Class 4 reinsurer, is based in Bermuda, while the company also has insurance and reinsurance operations in the United States, Continental Europe, and the United Kingdom, including a Lloyd's managing agency.

Mr. 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.

Mr. O'Farrell joined Arch Capital Group in 2016 as an executive vice president in order to lead the formation of Premia, in which Arch is an investor. Prior to joining Arch, he served as chief reinsurance officer at Chubb Ltd. for more than a decade.

Pina Albo, chair of the ABIR and CEO of Hamilton Insurance Group, Ltd., said in a statement, "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."

"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," Mr. O'Farrell said in the statement. "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."