Legacy
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The exit follows news earlier this year that founding CEO Chris Fagan was stepping down to be replaced by Bruce Hemphill.
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The Malta-based start-up buys Isle of Man-based VA Insurance Services from Thomas Cook, which is in liquidation.
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The operation will be the lead carrier for business Marco writes in the EU.
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The transfer, which includes most of the Hiscox USA surplus lines broker business, secures coverage of Hiscox reserves valued at $520mn.
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The deal will cover commercial auto liabilities occurring in the two years ended September 2020.
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Legacy acquirer Darag has agreed to buy SunPoint Holdings, the legacy business founded by Fosun in 2017.
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The PE house will inject growth equity capital into Premia after the all-paper deal.
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The deal comes shortly after the legacy specialist established a $265mn sidecar, Elevation Re.
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Competition has ramped up over the last two years and now represents a threat to returns.
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The new launch will be managed under an Apollo turnkey, and looks set to take on run-off liabilities from the Lloyd’s carrier.
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He has held a seat on the company’s board since 2017.
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The outgoing chief executive founded the company in 2005, building it into the second--largest legacy-focused business.
