Premia Announced Acquisition of Armour

Premia Holdings Ltd (“Premia”) acquired Armour Group Ltd (“Armour”) in an all-share transaction

An Aquiline Capital Partners LLC (“Aquiline”) led investor group is making a growth equity investment in Premia

Premia acquired Armour in a two-part transaction

• Armour transferred certain service contracts and staff members to Premia
• Premia then acquired 100% of Armour Re Ltd. (“Armour Re”), a subsidiary of Armour, in exchange for Premia shares

This transaction combined two established names in the P&C legacy sector

• Accelerated the build out of Premia’s US and European operations
• Enhanced Premia’s capabilities and provided additional capital to accelerate growth
• Brought together a number of the most respected investors in the insurance industry

Armour, founded in Bermuda in 2007, is a specialist in legacy P&C transactions

• Armour operates both as a principal and a service-provider fund manager

Aquiline, founded in 2005, is a private investment firm based in New York and London

• Invests in businesses across the financial services sector and has $5.6bn in assets under management as of 9/30/20

Premia is a leading reinsurance group focused on transactions in the P&C legacy market

• Established in January 2017 in Bermuda and sponsored by Arch Capital Group and Kelso & Company
• Over $2bn of acquired loss reserves between 2017 and when the transaction occured

TCMA acted as exclusive financial advisor to Armour; key transaction steps led by TCMA included:

• Running a targeted auction process and preparation of marketing documentation
• Managing an organised and efficient due diligence process
• Assistance to Armour in negotiation of final transaction terms
• Providing objective advice and acting as a confidant to the seller throughout the process

Demonstrated TCMA’s ability to deliver tailor-made solutions to complex client problems

Further evidenced TCMA’s dominant position in the legacy market