Arch builds its presence at Lloyd’s with Barbican deal
Arch Capital Group has agreed a deal to buy Lloyd’s insurer Barbican from US-based investor Carlson Capital.
The acquisition includes Barbican Managing Agency Limited, Lloyd’s Syndicate 1955, Lloyd’s Syndicate 1856 (Arcus), Lloyd’s Special Purpose Arrangement (SPA) 6132, Castel Underwriting Agencies Limited and other associated entities.
“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,” said Hugh Sturgess, president and chief executive of Arch Insurance International.
“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.”
The deal is expected to close around September or October this year, pending regulatory approvals.
Nicolas Papadopoulo, chairman and chief executive of Arch Worldwide Insurance Group, said the acquisition will reinforce Arch Insurance’s commitment to Lloyd’s and London.
“The Barbican team enhances our existing specialty lines expertise,” he said. “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.”
The deal will also see Arch provide a reinsurance offering at Lloyd’s for the first time.
Maamoun Rajeh, chairman and chief executive of Arch Worldwide Reinsurance Group, added: “Arch has always been an excellent steward of third-party capital, and we’re enthusiastic about expanding the existing relationships with third-party capital providers that have been crucial to Barbican’s operating model.”
Arch Capital Group is a Bermuda-based company with approximately $12.5bn in capital at June 30, 2019. It provides insurance, reinsurance and mortgage insurance globally.
Subscribers read more