Arch to acquire major stake in Coface
Arch Re has entered into an agreement in principle to obtain a majority stake in Precision Marketing Asia Pacific (PMAP), an Australian marketing company.
PMAP provides data-driven marketing solutions to banks, insurance companies, retailers and health care organisations across the Asia-Pacific region. The partnership provides both Arch Re and PMAP increased distribution scale for life and accident and health (AH) products in Asia, the companies said in a statement.
Maamoun Rajeh, chairman and chief executive officer of Arch Worldwide Reinsurance Group, said the acquisition aligns with Arch’s strategy of pursuing diverse specialty markets.
Rajeh said: “Precision Marketing is well known for its highly analytical approach to multichannel distribution and product design, and I believe that Arch Re will benefit from its platform as we look to increase our life and AH presence in Japan and other Asia-Pacific markets.”
Keith Lowry, PMAP’s CEO, said his company recognised the importance of increased growth capital to accelerate scale in the business and deliver greater value to its distribution partners in Japan. “This investment by Arch Capital Group will bring necessary financial resources to take the business to the next level,” he said.
The deal is subject to regulatory and other approvals.
Arch Re, Precision Marketing Asia Pacific, PMAP, Maamoun Rajeh, Keith Lowry