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For Immediate Release
Contact: John Huff email@example.com
ABIR welcomes Premia Holdings as new member
Global run-off specialist’s CEO Bill O’Farrell to join ABIR board
Hamilton, Bermuda (March 2, 2023) — The Association of Bermuda Insurers and Reinsurers (ABIR) is pleased to welcome Premia Holdings Ltd., a global acquirer and reinsurer of run-off portfolios, as a new member. Bill O’Farrell, Chief Executive Officer of Premia, has 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.
Mr. O’Farrell raised over $500 million of capital to form Premia in 2017 and the company was named startup and launch of the year by the Intelligent Insurer and Reactions magazine, respectively. Premia has since assumed over $4 billion in reserves, and has nearly $1 billion in capital under management, including its sidecar.
Premia Reinsurance Ltd., the group’s flagship Class 4 reinsurer, is based in Bermuda, while Premia also has insurance and reinsurance operations in the U.S., Continental Europe and the UK, including a Lloyd’s Managing Agency.
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.
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, Chair of ABIR and CEO of Hamilton Insurance Group, Ltd., 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.”
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About ABIR: The Association of Bermuda Insurers & Reinsurers (ABIR), which represents Bermuda’s major property and casualty insurers and reinsurers doing business in 150 countries, was founded in 1993. For three decades, the Bermuda market’s risk-bearing capacity has played a key role in enabling insurance to be accessible and affordable, to the benefit of consumers around the world. Bermuda is an internationally recognized center of global expertise on underwriting for catastrophe, climate, cyber, mortgage & credit risk transfer products, along with other specialty insurance and reinsurance. For more information, please visit: www.abir.bm. Follow us on Twitter @ABIR_Bermuda.