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

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(a)

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

(a) As of the time of the transaction.