Arch Re, a subsidiary of Arch Capital Group, has agreed to acquire Somerset Bridge Group, Southern Rock Holdings and affiliates.
The financial value of the proposed acquisition was not disclosed.
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Based in Bristol, England, Somerset Bridge offers personal lines insurance and specialises in private motor and a diversified range of specialist policies from home and life insurance.
As per the agreement, Arch Re will acquire Somerset’s motor MGA, distribution capabilities through direct and aggregator channels, affiliated insurer, and fully integrated claims operation.
Arch Re head of speciality William Soares said: “This proposed acquisition supports our strategy of diversifying our sources of premium and allows for collaborative cycle management of the class over time. 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.”
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By GlobalDataThe deal is subject to regulatory approval.
Arch Capital Group reported approximately $15.8b in the capital as of 31 March 2021.
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.
