Bill O’Farrell, the former Chubb chief reinsurance officer, and Arch are reportedly set to launch a $500mn Bermudian run-off vehicle with Kelso & Co believed to be a big backer in the project. Over $500mn has been raised for the new start up, reportedly called Premia Re, with Arch holding a large minority share of operations. Arch are said to be involved as a strategic partner and will provide quota share support to the vehicle. O’Farrell will be CEO of the holding company and president of US operations. The role of CFO is to be taken by Scott Maries the former Enstar and JP Morgan executive. It is understood that a conscious decision was taken to end the amount of capital raised at $500mn due to potential pressures put on the company if it were to hold a larger amount.