Bermuda-based Arch Capital Group has finalised the purchase of insurance company, Barbican Group Holdings.
The acquisition was announced in July this year. Arch bought Barbican from American owner Carlson Capital.
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The acquisition includes Barbican Managing Agency, Lloyd’s Syndicate 1955, Castel Underwriting Agencies as well as other related entities.
Barbican will be integrated into Insurance and Reinsurance operations of Arch and will continue to grow with third-party capital relationships.
Meanwhile, Castel will retain its operational independence. Arch will provide financial assistance to drive Castel’s growth.
Commenting on the acquisition, Arch Worldwide Insurance Group chairman and CEO Nicolas Papadopoulo stated: “We are excited to complete this transaction, which deepens Arch’s commitment to both Lloyd’s and the London market and provides our brokers and clients more access to Arch’s Insurance and Reinsurance platforms.”
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By GlobalDataArch was advised by RBC Capital Markets while TigerRisk Capital Markets & Advisory provided financial advice to Barbican.
Arch had capital of around $12.89bn at the end of September 2019. The company provides insurance, reinsurance and mortgage insurance via its subsidiaries.
In August this year, Arch Insurance North America agreed to acquire managing general underwriter (MGU) Ventus Risk Management. A technology and analytics-driven company, Ventus specialises in providing coastal commercial property insurance solutions to SMEs.
