Arch Capital Group Ltd. Closes Acquisition of Barbican Group Holdings Limited
November 29 2019 - 1:10PM
Business Wire
Arch Capital Group Ltd. [NASDAQ: ACGL] today announced the
completion of its previously disclosed acquisition of Barbican
Group Holdings Limited (Barbican), including Barbican Managing
Agency Limited, Lloyd’s Syndicate 1955, Castel Underwriting
Agencies Limited (Castel) and other associated entities.
“We are excited to complete this transaction, which deepens
Arch’s commitment to both Lloyd’s and the London market and
provides our brokers and clients more access to Arch’s Insurance
and Reinsurance platforms,” said Nicolas Papadopoulo, Chairman and
CEO of Arch Worldwide Insurance Group.
Barbican will be consolidated into Arch’s Insurance and
Reinsurance operations while continuing to grow partnerships with
third-party capital relationships. Castel will continue to operate
independently with financial support for its continued growth
provided by Arch.
Advisors
RBC Capital Markets acted as exclusive financial advisor to
Arch. TigerRisk Capital Markets & Advisory acted as exclusive
financial advisor to Barbican. Legal advisors to Arch were Womble
Bond Dickinson (UK) LLP, with Willkie Farr & Gallagher (UK) LLP
acting as legal advisors to Carlson Capital.
About Arch Capital Group Ltd.
Arch Capital Group Ltd., a Bermuda-based company with
approximately $12.89 billion in capital at Sept. 30, 2019, provides
insurance, reinsurance and mortgage insurance on a worldwide basis
through its wholly owned subsidiaries.
Cautionary Note Regarding Forward-looking Statements
The Private Securities Litigation Reform Act of 1995 provides a
"safe harbor" for forward−looking statements. This release or any
other written or oral statements made by or on behalf of Arch
Capital Group Ltd. and its subsidiaries may include forward-looking
statements, which reflect our current views with respect to future
events and financial performance. All statements other than
statements of historical fact included in or incorporated by
reference in this release are forward-looking statements.
Forward-looking statements can generally be identified by the
use of forward-looking terminology such as "may," "will," "expect,"
"intend," "estimate," "anticipate," "believe" or "continue" or
their negative or variations or similar terminology.
Forward-looking statements involve our current assessment of risks
and uncertainties. Actual events and results may differ materially
from those expressed or implied in these statements. A
non-exclusive list of the important factors that could cause actual
results to differ materially from those in such forward-looking
statements includes the following: adverse general economic and
market conditions; increased competition; pricing and policy term
trends; fluctuations in the actions of rating agencies and our
ability to maintain and improve our ratings; investment
performance; the loss of key personnel; the adequacy of our loss
reserves, severity and/or frequency of losses, greater than
expected loss ratios and adverse development on claim and/or claim
expense liabilities; greater frequency or severity of unpredictable
natural and man-made catastrophic events; the impact of acts of
terrorism and acts of war; changes in regulations and/or tax laws
in the United States or elsewhere; our ability to successfully
integrate, establish and maintain operating procedures as well as
integrate the businesses we have acquired or may acquire into the
existing operations; changes in accounting principles or policies;
material differences between actual and expected assessments for
guaranty funds and mandatory pooling arrangements; availability and
cost to us of reinsurance to manage our gross and net exposures;
the failure of others to meet their obligations to us; and other
factors identified in our filings with the U.S. Securities and
Exchange Commission.
The foregoing review of important factors should not be
construed as exhaustive and should be read in conjunction with
other cautionary statements that are included herein or elsewhere.
All subsequent written and oral forward-looking statements
attributable to us or persons acting on our behalf are expressly
qualified in their entirety by these cautionary statements. We
undertake no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
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Media: Arch Capital Services Inc. Greg Hare +1 336 333
0416
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