Premia Formation of Elevation Re (SPC) Ltd. Run-Off Sidecar

Transaction Overview

On December 31, 2020, Premia Holdings Ltd. (“Premia”) announced the formation of Elevation Re (SPC) Ltd. (“Elevation Re”), a sidecar vehicle which will provide collateralized reinsurance support for Premia’s activities in the global P&C run-off market

  • Newly formed segregated portfolio company licensed by the Cayman Islands Monetary Authority
  • Raised over $265 million in initial commitments from third-party institutional investors

Represents a unique and innovative structure in the rapidly expanding P&C run-off market

  • Enables Premia to support run-off reinsurance opportunities with additional capacity
  • Allows investors in Elevation Re to participate alongside Premia on run-off transactions

Premia is an insurance and reinsurance group focused on sourcing, structuring and servicing business in the global P&C run-off market

  • Launched in 2017 and sponsored by Arch Capital Group Ltd. and Kelso & Company
  • Operations in Bermuda, the U.S., the U.K., and Europe
  • Over $900 million in managed capital

TigerRisk Capital Markets & Advisory Role

TCMA acted as Exclusive Structuring and Placement Agent to Premia

  • Provided advice through all stages of the process, driving an optimal outcome for Premia
  • Identified a variety of institutional investors interested in supporting Premia through this transaction
  • Key aspects of the transaction led by TigerRisk included:
    • Development of the structure and economic terms of the transaction
    • Construction of a robust financial model including stochastic analysis of investor returns
    • Drafting of detailed marketing materials and assistance with investor due diligence requests
    • Selection and introduction of a wide range of global institutional investors
    • Coordination of the legal and regulatory aspects of the establishment of Elevation Re
    • Assistance with negotiation of key transaction terms and conditions