Arch Capital takes stake in Bermuda managing general agency

Bermuda-based Helix Underwriting Partners has entered into an equity investment agreement under which re/insurance group Arch Capital Holdings will be a a minority shareholder in the managing general agency.

Helix said the transaction solidifies the existing relationship between Helix and Arch affiliate Somers Re which began in 2021.

Somers Re, formerly Watford Re, is a global specialty property and casualty insurance and reinsurance company in which Arch Reinsurance holds a minority investment. Arch also performs underwriting for Somers. Other shareholders are  Kelso & Company and Warburg Pincus.

Helix said the expanded relationship will enable it to be better positioned to continue pursuing strategic growth opportunities and broaden the insurance products offered through its agency platform.

Helix was established in 2018 as Bermuda’s first independent multi-line managing general agent and has written close to $200 million in gross premium.

Helix has 11 employees and is led by the senior management team of Tim Hadler, Claude Lefebvre, Nicholas Lucking, and Nigel Mortimer.