Premia Holdings Ltd. has acquired Public Service Insurance Co. and its wholly owned subsidiary, Western Select Insurance Co.
Premia bought the entities from the director of the Illinois Department of Insurance, Jennifer Hammer, acting in her capacity as statutory and court affirmed rehabilitator for Public Service Insurance. In 2017, the Circuit Court of Cook County in the state entered an order of rehabilitation against Public Service Insurance and its parent, Public Service Mutual Holding Co.
Premia has acquired certain assets of Public Service Insurance, including Western Select Insurance, and the direct insurance liabilities of Public Service Insurance. Other assets and liabilities were retained in and channeled to the estate of Public Service Insurance, in rehabilitation. The insurance department and the presiding judge of the Chancery Division of the circuit court overseeing the rehabilitation approved the transaction.
DLA served as deal counsel to Premia Holdings, while Griffin Financial Group acted as financial adviser to the insurance department director.