Premia Holdings Ltd, a Bermuda-based global acquirer and reinsurer of run-off portfolios, has joined the Association of Bermuda Insurers and Reinsurers.

Bill O’Farrell, the chief executive of Premia, has also been appointed to the Abir board, the association announced today.

Abir said it now has 30 member carriers, as well as four intermediaries in its broker advisory cabinet.

It said that Mr O’Farrell raised more than $500 million of capital to form Premia in 2017 and the company was named Start-Up and Launch of the Year by the Intelligent Insurer and Reactions magazines, respectively. Premia has since assumed more than $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 United States, Continental Europe and Britain, including a Lloyd’s Managing Agency.

Mr O’Farrell joined Arch Capital Group in 2016 as an executive vice-president 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.

Abir said 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, chairwoman of Abir and chief executive 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.”

Mr O’Farrell 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 organisation that has raised the profile of this vibrant market now for three decades.”

John Huff, the 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.”