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The injection leaves US private equity firm Golden Gate Capital as a controlling shareholder.
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The year was marked by record North Atlantic storms, which put the loss tally more than 40% ahead of mild 2019 experience. -
The start-up's reinsurance division will target cat and retro business as well as a selection of specialty lines.
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Limited new inflows supported the collateralised and sidecar markets as cat bond offerings attracted significant capital.
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The new Bermuda venture launched at the beginning of the year as part of the business’s scale-up.
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The broker forecast that this hard market may be more akin to the “discriminate and relatively short-lived" phase following 2005.
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Aggregate retro capacity has “reduced enormously” but rate increases were less severe than some had feared, the Willis Re international chairman said.
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Capacity was constrained but some ILS funds were able to grow, while cat bonds also propped up supply.
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The newcomer held the same role at the French insurer’s London hub for around nine years.
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The new vehicle gives third-party investors access to Premia’s run-off investments.
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New capacity and fewer problems with trapping contributed to a smoother renewal than some had expected.
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Net assets have grown 5% year-on-year to $876mn as of 31 October 2020.
