Arch Capital Group, a Bermuda-based re/insurance specialist, has agreed to acquire Barbican Group from American owner Carlson Capital.

Under the agreement, Arch Capital will buy Barbican Managing Agency, Lloyd’s Syndicate 1955, Lloyd’s Syndicate 1856 (Arcus), Lloyd’s Special Purpose Arrangement (SPA) 6132, Castel Underwriting Agencies and other associated entities.

Commenting on the deal, Arch Insurance International president and CEO Hugh Sturgess said: “The acquisition of Barbican deepens Arch’s commitment to both Lloyd’s and the London market and provides our broker partners with a more comprehensive array of products and expertise.

“The Barbican team has built an innovative platform and valuable specialty businesses with excellent long-term prospects. We look forward to building an even more compelling combined value proposition in the near future.”

Arch Worldwide Insurance Group chairman and CEO Nicolas Papadopoulo said that the takeover strengthens the company’s commitment to Lloyd’s and London.

Papadopoulo stated: “The Barbican team enhances our existing specialty lines expertise.

“I look forward to the new perspectives those employees will bring to our London business and working together to shape the future of our combined operation. We also wish to welcome the team from Castel, whose continued growth will be financially supported by Arch while operating independently.”

Subject to regulatory approval, the deal is scheduled to complete in late third quarter or early fourth quarter of this year.