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Report: Premia in talks to buy remaining business of AmTrust at Lloyd's

Premia Holdings Ltd. is in talks with AmTrust Financial Services Inc. to buy the parts of its Lloyd's of London operation, AmTrust at Lloyd's Ltd., that are not being sold to Canopius AG, The Insurance Insider reported.

AmTrust is still in the process of finalizing the deal with Canopius, which was first reported in February, the publication noted. The company has also carried out reinsurance-to-close transactions over years of account from 2016 and earlier.

AmTrust is poised to take a stake of over 10% in Canopius as part of the deal.

Premia would be acquiring the AmTrust managing agency and attempting to secure legacy transactions for 2017 and 2018, sources said. These would mark a first transaction for a reinsurance-to-close syndicate that it has Lloyd's approval to launch under a turnkey from Arch, although acquiring AmTrust's managing agency would negate the need for Arch's support, the publication added.