Arch Re boosts UK business with acquisition
Bermuda-based re/insurer Arch Capital Group has revealed its plans to acquire a long-term client to deepen its motor and distribution capabilities in the UK.
The proposed acquisition will see Arch Reinsurance (Arch Re), a subsidiary of Arch Capital Group, acquire Somerset Bridge Group, Southern Rock Holdings and its affiliates, subject to regulatory approval.
The deal will include Somerset’s motor managing general agent, distribution capabilities through direct and aggregator channels, affiliated insurer and fully integrated claims operation.
William Soares, head of specialty for Arch Re said: “Somerset has been a client of Arch Re for 11 years, which gives us significant insight and confidence in the business and the team. This proposed acquisition supports our strategy of diversifying our sources of premium and allows for collaborative cycle management of the class over time."
He added: "This transaction also anchors our UK motor coinsurance and reinsurance capacity with a fully integrated platform. Somerset brings strong product and distribution capabilities. Coupled with Arch’s analytical capabilities and capital management, the combination of our two firms will provide an enhanced proposition to our customers, stakeholders and third-party capital providers.”
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
