Arch capital to acquire Barbican Group to expand London and Lloyd’s footprint
Bermuda-based Arch Capital Group will acquire Barbican Group Holdings from funds managed by US alternative asset management firm Carlson Capital in a transaction expected to close in late Q3 or early Q4.
Arch hopes the move will expand its Lloyd’s and London market footprint, with the acquisition including Barbican Managing Agency, Lloyd’s Syndicate 1955, Lloyd’s Syndicate 1856 (Arcus), Lloyd’s Special Purpose Arrangement (SPA) 6132, Castel Underwriting Agencies (Castel) and other associated entities.
Hugh Sturgess, president and CEO of Arch Insurance International, said: “The Barbican team has built an innovative platform and valuable specialty businesses with excellent long-term prospects.”
Maamoun Rajeh, chairman and CEO of Arch Worldwide Reinsurance Group, said: “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.”
The deal is subject to regulatory approval.
