Arch acquires Barbican Group as it deepens 'commitment to Lloyd’s and London'
Bermuda-based Arch Capital Group has agreed to acquire Barbican Group Holdings from funds managed by US alternative asset management firm Carlson Capital, in a move aimed at expanding its Lloyd’s and London market footprint.
The transaction is expected to close in late third quarter or early fourth quarter 2019, subject to regulatory approval.
The acquisition includes Barbican Managing Agency, Lloyd’s Syndicate 1955, Lloyd’s Syndicate 1856 (Arcus), Lloyd’s Special Purpose Arrangement (SPA) 6132, Castel Underwriting Agencies (Castel) and other associated entities.
“The acquisition of Barbican deepens Arch’s commitment to both Lloyd’s and the London market and provides our broker partners with a more comprehensive array of products and expertise,” said Hugh Sturgess, president and CEO, Arch Insurance International. “The Barbican team has built an innovative platform and valuable specialty businesses with excellent long-term prospects. We look forward to building an even more compelling combined value proposition in the near future.”
Maamoun Rajeh, chairman and CEO, Arch Worldwide Reinsurance Group, added: “We welcome the Barbican team to Arch and look forward to providing a material Arch Reinsurance offering through Lloyd’s for the first time. Arch has always been an excellent steward of third-party capital, and we’re enthusiastic about expanding the existing relationships with third-party capital providers that have been crucial to Barbican’s operating model.”
Nicolas Papadopoulo, chairman and CEO, Arch Worldwide Insurance Group, noted the acquisition reinforces Arch Insurance’s commitment to Lloyd’s and London. “The Barbican team enhances our existing specialty lines expertise,” he said. “I look forward to the new perspectives those employees will bring to our London business and working together to shape the future of our combined operation. We also wish to welcome the team from Castel, whose continued growth will be financially supported by Arch while operating independently.”
Get all the latest re/insurance industry news with our daily newsletter - sign up here.
Corporate Solutions, catastrophes dent Swiss Re H1 results but CEO bullish on growth
Net profit fell despite strong reinsurance performance in both P&C and L&H segments.
Generali seeks 'faster and more agile' organisation as it revamps structure in Italy
The move is a part of its 'Strategy 2021' aimed at boosting development of the international corporate business.
Newline expands global footprint into LatAM, joins Lloyd’s Mexico
Its Latin America division will begin underwriting liability and financial lines coverage immediately.
Markel reveals ‘outstanding performance’ in investment portfolio in Q2 2019 results
Gross premiums and net income rise but combined ratio worsens.
AXIS Capital reports ‘strong’ Q2 2019 results as net income grows
Although gross premiums written and combined ratio figures dip for re/insurer.
Feature article: 15 ways technology is transforming insurance… and five to watch
