Armour

The PE house will inject growth equity capital into Premia after the all-paper deal.

The deal comes shortly after the legacy specialist established a $265mn sidecar, Elevation Re.

PE backer Aquiline is thought most likely to seek a merger partner for the Bermuda-based legacy firm.

CFO John Parry, who joined the firm last year after holding the same role at Lloyd’s, will become interim CEO.

The Gibraltar entity's losses are understood to stem primarily from its relationship with collapsed NZ carrier CBL.

With the recent push from Lloyd’s to remediate the market’s ailing profitability, it’s widely expected that the legacy market will see greater reinsurance-to-close (RITC) deal flow in the months to come.

Bhatia will lead the effort in North America while Piatti will do so in Europe.