Well, premiere does not have a 'text' type of asset. What you can do though is create a graphic (jpg, psd, etc) with text on it or just create a 'title' (.prtl file?) using the builtin titler.
If you use the titler then once created the saved title will already be auto imported as a project asset. Import your graphic files.
Once you have these things in your asset list then just drag and drop them on the timeline as you would a video clip. create transitions between them as you would any video clip.
The trick is that once imported they can be treated just like a video clip.
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