Arch Reinsurance (Arch Re), a completely owned subsidiary of Arch Capital Group, has signed an agreement in principle to acquire a majority stake in Precision Marketing Asia Pacific (PMAP).
This deal is subject to regulatory and other approvals.
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PMAP is an Australian company offering data-driven marketing solutions to banks, insurance companies, retailers and health care organizations across the Asia-Pacific region.
The deal offers both Arch Re and PMAP increased distribution scale for life and accident and health (A&H) products in Asia.
Arch Worldwide Reinsurance Group chairman and CEO Maamoun Rajeh said: “Acquiring Precision Marketing Asia Pacific aligns with our strategy of selectively pursuing diverse specialty markets where we can apply our knowledge and expertise. Precision Marketing is well known for its highly analytical approach to multichannel distribution and product design, and I believe that Arch Re will benefit from its platform as we look to increase our life and A&H presence in Japan and other Asia-Pacific markets.”
Precision Marketing Asia Pacific CEO Keith Lowry said: “After many years operating as a private enterprise, the Board of Precision Marketing recognise the importance of increased growth capital to accelerate scale in the business and deliver greater value to our distribution partners in Japan. This investment by Arch Capital Group Ltd. will bring necessary financial resources to take the business to the next level.”
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By GlobalDataArch Worldwide Reinsurance Group offers reinsurance to its clients around the globe.
It has offices in North America, Bermuda, Europe, and Australia.
It provides specialty risk solutions through treaty and facultative property and casualty reinsurance.
Bermuda-based Arch Capital Group had around $13.23bn in capital as on 31 December 2019. It offers insurance, reinsurance and mortgage insurance through its wholly-owned subsidiaries.
