Premia Holdings has expanded its reinsurance capacity by establishing a sidecar vehicle, named Elevation Re (SPC) Limited.

The newly formed vehicle will offer reinsurance support to Premia’s activities in the global property & casualty (P&C) run-off market.

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Under this arrangement, Premia will be able to support -off reinsurance opportunities with additional capacity.

It will enable Elevation Re investors to participate with Premia in the P&C run-off via a unique structure.

The newly formed sidecar, which is said to be a segregated portfolio company, has been licensed by the Cayman Islands Monetary Authority.

Elevation Re has initially raised more than $265m from third-party institutional investors.

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TigerRisk Capital Markets & Advisory was selected as the exclusive structuring and placement agent on the deal.

Investors appointed Sidley Austin and Conyers Dill & Pearman as deal counsel, and Mayer Brown as legal counsel.

Premia CEO Bill O’Farrell said: “I am very pleased that leading institutional investors quickly grasped that the outstanding team we have assembled, coupled with the track record we have achieved over the last four years, makes Elevation Re a compelling investment opportunity.

“This transaction brings our total managed capital to over $900m and we look forward to deploying this capacity into thoughtful solutions for our clients.”

Launched in 2017, Premia Holdings is an insurance and reinsurance group with offices in the US, the UK, and Europe.

The agency deals in the sourcing, structuring, and servicing business, in the global P&C run-off market.

In October 2020, Premia Holdings agreed to acquire Navigators Holdings (Europe) and its associated companies from the US-based investment and insurance firm The Hartford.