Arch Reinsurance Ltd. Closes Acquisition of Somerset Bridge Group
August 06 2021 - 4:00AM
Business Wire
Arch Reinsurance Ltd. (“Arch Re”), a subsidiary of Arch Capital
Group Ltd., today announced the completion of the previously
disclosed acquisition of Somerset Bridge Group Limited, Southern
Rock Holdings Limited and affiliates (“Somerset”). Arch Re
originally announced its plan to acquire Somerset on June 23,
2021.
“We are pleased to complete this transaction,” said William
Soares, Head of Specialty for Arch Re. “Clients will continue to
benefit from Somerset’s quality insurance solutions and customer
service, which are now backed by the financial strength and
innovation of Arch Capital Group. I want to thank the teams on all
sides for their dedication to successfully completing this
acquisition.”
About Arch Reinsurance Ltd.
Arch Reinsurance Ltd., part of Arch Capital Group Ltd., is a
global leader in the specialty property and casualty reinsurance
marketplace. With an experienced management team, industry-leading
underwriting talent and substantial capacity, Arch Reinsurance Ltd.
provides a sound, flexible market for large lines on selected
property, casualty, specialty and multi-line reinsurance contracts.
Arch Reinsurance Limited employs expert underwriting, skilled
claims management and outstanding service to expand the
possibilities for its clients worldwide.
About Arch Capital Group Ltd.
Arch Capital Group Ltd., a publicly listed Bermuda exempted
company with approximately $16.7 billion in capital at June 30,
2021, 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 the
Company’s ability to maintain and improve its ratings; investment
performance; the loss of key personnel; the adequacy of the
Company’s 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,
including pandemics such as COVID-19; the impact of acts of
terrorism and acts of war; changes in regulations and/or tax laws
in the United States or elsewhere; the Company’s ability to
successfully integrate, establish and maintain operating procedures
as well as integrate the businesses the Company has 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 the Company of reinsurance
to manage the Company’s gross and net exposures; the failure of
others to meet their obligations to the Company; changes in the
method for determining the London Inter-bank Offered Rate (“LIBOR”)
and the potential replacement of LIBOR and other factors identified
in the Company’s filings with the U.S. Securities and Exchange
Commission (“SEC”).
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. The
Company undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
Source: Arch Reinsurance Ltd. Tag: arch-reinsurance
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210806005068/en/
Arch Capital Services LLC Greg Hare 336 333 0416
ghare@archgroup.com
FTI Consulting Ed Berry +44 (0)7703330199 /
edward.berry@fticonsulting.com Colette La Pointe +44 (0)7976713690
/ Colette.lapointe@fticonsulting.com
Arch Capital (NASDAQ:ACGL)
Historical Stock Chart
From Aug 2024 to Sep 2024
Arch Capital (NASDAQ:ACGL)
Historical Stock Chart
From Sep 2023 to Sep 2024