HAMILTON, Bermuda--(BUSINESS WIRE)--Arch Capital Group Ltd. (Nasdaq: ACGL) today announces the completion of the domestication of its Canadian insurance and reinsurance operations under a new legal entity named Arch Insurance Canada Ltd. (Arch Canada).
Arch Canada, domiciled in Toronto, Ontario has been operating in Canada as a Canadian branch of Arch Insurance Company (a U.S. affiliate) since 2005. Effective January 1, 2013, Arch Canada commenced writing business in Canada through a new Canadian operating subsidiary. The business written by Arch Canada will be similar to that written by the former Canadian branch since 2005, with the addition of title insurance.
Arch Canada is licensed in all Canadian provinces and territories, with its headquarters located in Toronto and branch offices in Montreal and Vancouver. Arch Title, a division of Arch Canada, has its offices in Calgary. The Canadian operations of Arch have experienced disciplined growth in premium and product offerings within Canada over the last four years as Arch built up its Canadian-based staff and operations. David McElroy, Chairman and Chief Executive Officer of Arch Worldwide Insurance Group, commented: “The current change in structure marks a commitment to the Canadian insurance marketplace and positions the new entity with a solid foundation for further growth and product expansion.”
Arch Canada has received a financial strength rating from Standard & Poor’s Rating Services of ‘A+’ with an Outlook of Stable. Arch Insurance Canada Ltd. is licensed pursuant to Section 22 of the Insurance Companies Act of Canada.
Arch Capital Group Ltd., a Bermuda-based company with approximately $5.75 billion in capital at September 30, 2012, provides insurance and reinsurance 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.