Premia buys Hartford brand Navigators

Legacy and run-off insurer Premia Holdings has acquired Navigators Holdings (Europe) from The Hartford. The deal also includes Belgian P&C carrier Assurances Continentales (ASCO) and its Luxembourg-based captive reinsurer Canal Re. Both recently ceased writing new business.

Headquartered in Antwerp, ASCO is an established European insurance group with legal entities licensed to write business across 31 countries. According to Bill O’Farrell, group CEO of Premia, it will repurpose ASCO from an insurer in run-off to a provider of run-off solutions. The deal, now completed, was first announced in October 2020.

Premia previously said that the business will be its dedicated platform in the Continental European market.

“We are pleased to close this important transaction with The Hartford,” said O’Farrell. “We look forward to bringing our financial strength, coupled with our operational and structuring expertise, to Continental European insurers.”