Arch Re set to acquire Somerset Bridge Group to diversify its sources of premium
Arch Reinsurance is poised to acquire Somerset Bridge Group, Southern Rock Holdings and affiliates (Somerset), as it looks to diversify its sources of premium.
The proposed acquisition, which remains subject to regulatory approval, includes Somerset’s motor managing general agent, distribution capabilities through direct and aggregator channels, affiliated insurer and fully integrated claims operation.
William Soares, Arch Re’s head of specialty said the acquisition will anchor its UK motor coinsurance and reinsurance capacity with a fully integrated platform. “Somerset brings strong product and distribution capabilities,” he explained. “Coupled with Arch’s analytical capabilities and capital management, the combination of our two firms will provide an enhanced proposition to our customers, stakeholders and third-party capital providers.”
Soares added: “Somerset has been a client of Arch Re for 11 years, which gives us significant insight and confidence in the business and the team.”