Arch Re to absorb Aspen Re’s credit and surety business

Arch Re has offered to employ all Aspen Re’s Zurich-based credit and surety employees in its own credit and surety team, based in Zurich. Following Aspen Re’s decision to exit the line.

The offer comes as Arch Re entered into a renewal rights agreement with Aspen Re on its global credit and surety reinsurance business. The two reinsurers have also agreed to initiate additional discussions about the potential novation of the existing book in the coming months.

Michael Hammer, president and CEO of Arch Re Europe, said: “This is a unique opportunity for us to not only augment and diversify our credit and surety portfolio through the acquisition of Aspen Re’s renewal rights, but to also add talented employees to our team.”

Christian Dunleavy, chief underwriting officer of Aspen Re, welcomed the agreement between the two reinsurers. “This agreement with Arch Re facilitates continuity for both our staff and cedents with a strong counterparty, which was a critical consideration,” he said.