Premia Holdings, the Bermuda-based legacy insurance specialist, has completed the sale of its Alan Gray insurance services business, the company confirmed this week. The transaction marks a further step in Premia's strategy of streamlining its operations and sharpening its focus on its core legacy acquisition and run-off management activities.

Alan Gray, a well-known name in the insurance and reinsurance services sector, has provided claims, audit and advisory services to clients across the industry for decades. The business became part of Premia following the company's acquisition of Armour Group in 2017, which brought together two established players in the legacy market.

Premia, headquartered in Hamilton, has built a significant presence in the global run-off sector, acquiring legacy liabilities and managing discontinued insurance and reinsurance portfolios. Industry observers note that the divestment of non-core service businesses has become a common strategy among legacy providers seeking to concentrate capital and resources on balance-sheet-driven transactions.

Details of the financial terms of the sale were not disclosed. Premia said the transaction would allow it to focus on growing its legacy solutions platform, which serves clients across Bermuda, the United States and Europe. The deal adds to a busy period of corporate activity in Bermuda's insurance sector, where consolidation and strategic repositioning continue to reshape the market landscape.