As of 31 March 2021, Arch Capital Group reported approximately $15.8b in the capital. Credit: Gerd Altmann from Pixabay.

Arch Capital-led consortium has completed the acquisition of Bermuda-based reinsurance company Watford Holdings for approximately $622m.

Arch Capital and Watford announced the signing of a definitive merger agreement in November 2020.

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Arch entered the deal via an affiliated entity of which it owns approximately 40%, and funds managed by investment partners Kelso and Warburg Pincus own about 30% each.

The acquired firm will continue its operations as an autonomous business and will remain consolidated within Arch’s financials.

Arch Worldwide Reinsurance Group chairman and CEO said: “We are excited to complete this transaction, which will now allow our partners and Arch to move forward with the next chapter for Watford.

“We believe that the market conditions are ideal for us to develop the franchise and execute a strategy for Watford’s long-term success.

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Arch Capital Group reported approximately $15.8bn in the capital as of 31 March 2021.

Last month, Arch Capital’s subsidiary Arch Re confirmed plans to acquire Somerset Bridge Group, Southern Rock Holdings and affiliates.

In March this year, Global Mortgage Group of Arch Capital Group signed an agreement to acquire Westpac Lenders Mortgage Insurance Limited (WLMI).

Prior to that in February, Arch Insurance Company launched an online platform that allows brokers to streamline the pricing and purchase of Business Travel Accident (BTA) Insurance.