Arch Reinsurance, a wholly owned subsidiary of Bermuda-based Arch Capital Group Ltd., announced it will acquire a majority stake in Precision Marketing Asia Pacific (PMAP), subject to regulatory and other approvals.
PMAP is a Sydney, Australia-based company that provides data-driven marketing products and services to banks, insurance companies, retailers and health care organizations across the Asia-Pacific region. This transaction provides both Arch Re and PMAP increased distribution scale for life and accident and health (A&H) products in the Asian market through a combined value proposition.
Financial details of the transaction were not disclosed.
“Acquiring Precision Marketing Asia Pacific aligns with our strategy of selectively pursuing diverse specialty markets where we can apply our knowledge and expertise,” said Maamoun Rajeh, chairman and chief executive officer of Arch Worldwide Reinsurance Group.
“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 A&H presence in Japan and other Asia-Pacific markets,” he added.
“After many years operating as a private enterprise, the board of Precision Marketing recognize the importance of increased growth capital to accelerate scale in the business and deliver greater value to our distribution partners in Japan,” commented Keith Lowry, CEO of Precision Marketing Asia Pacific. “This investment by Arch Capital Group Ltd. will bring necessary financial resources to take the business to the next level.”
Source: Arch Worldwide Reinsurance
*This story ran previously in our sister publication Insurance Journal.