Premia Holdings has agreed to acquire Navigators Holdings (Europe) and its associated companies from the US-based investment and insurance firm The Hartford.

The transaction is subject to customary regulatory approvals.

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Navigators’ associated companies, which is collectively referred to as ‘ASCO’, includes Assurances Continentales – Continentale Verzekeringen of Belgium and Canal Re of Luxemburg.

Headquartered in Belgium, ASCO is an established Continental European insurance group with legal entities licensed to write business in 31 countries.

Premia specialises in acquiring and reinsuring legacy portfolios. Following the transaction, ASCO will serve as Premia’s platform in the Continental European market.

The acquisition is said to provide Premia with a vital building block for its global platform for legacy solutions.

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Premia CEO Bill O’Farrell said: “We are delighted that we have developed a positive solution with The Hartford for ASCO, and we look forward to welcoming ASCO and its staff into the Premia family.”

The Hartford was advised by Citi and Mayer Brown International, while Clifford Chance US advised Premia on the deal.

Premia manages reinsurance business in Bermuda, the US and Europe, with focus on sourcing, structuring and servicing run-off property and casualty insurance companies across the world. It is sponsored by Arch Capital Group and Kelso & Company.

In January last year, the company purchased Public Service Insurance Company and its subsidiary Western Select Insurance Company from the director of the Illinois Department of Insurance.