Arch Re to acquire global credit and surety renewal rights from Aspen Re

Arch Reinsurance (Arch Re), a wholly owned subsidiary of Arch Capital Group (ACGL), is to acquire global credit and surety renewal rights from Aspen Reinsurance (Aspen Re), the reinsurance business segment of Aspen Insurance Holdings (Aspen).

The agreement was reached after Aspen Re decided to exit the line. In addition to the renewal rights on the portfolio, the parties have agreed to initiate additional discussions about the potential novation of the existing book in the coming months.

Arch has extended employment offers to all of Aspen Re’s Zurich-based credit and surety employees to join Arch Re’s existing credit and surety team based in Zurich.

“This is a unique opportunity for us to not only augment and diversify our credit and surety portfolio through the acquisition of Aspen Re’s renewal rights, but to also add talented employees to our team,” said Michael Hammer, president and CEO of Arch Re Europe. “We appreciate working with Aspen to bring the two teams together and look forward to enhancing our overall service offering to our clients.”

Christian Dunleavy, chief underwriting officer of Aspen Re added: “We are very pleased to have reached agreement with Arch Re for the renewal of our reinsurance credit and surety business as we seek to create a more simple and focused reinsurance business at Aspen Re. This agreement with Arch Re facilitates continuity for both our staff and cedants with a strong counterparty, which was a critical consideration. We would like to wish our cedants and the credit and surety team well for their future with Arch Re.”

Richard Lange, head of credit and surety at Arch Re Europe, said: “We welcome the opportunity to add to the Arch team and provide top level service along with a large balance sheet to Aspen Re’s existing clients and brokers. We hope to earn these clients’ trust and to begin and sustain a long-term relationship with them.”

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