Arch Capital Group Ltd. said it has closed its planned purchase of Barbican Group Holdings Ltd., a move expected to deepen its involvement in both Lloyd’s and the London market.
Arch acquired the firm from funds managed by Carlson Capital, a U.S.-based alternative asset management firm. Neither side disclose financial terms.
The deal was first announced in July.
Arch’s acquisition of Barbican properties includes Barbican Managing Agency Limited, Lloyd’s Syndicate 1955, Castel Underwriting Agencies Limited (Castel) and other associated entities.
Nicolas Papadopoulo, chairman and CEO of Arch Worldwide Insurance Group, noted Arch’s greater access to Lloyd’s and the London market that comes with the acquisition. The acquisition also provides the insurer’s “brokers and clients more access to Arch’s insurance and reinsurance platforms,” he said.
With the sale complete, Barbican will be consolidated into Arch’s Insurance and Reinsurance operations, though it will continue to grow partnerships with third-party capital relationships. Castel will continue to operate independently, though Arch said it will continue to provide financial support “for its continued growth.”
Source: Arch Capital Group Ltd.