PEMBROKE, Bermuda--(BUSINESS WIRE)--Arch Reinsurance Ltd. (“Arch Re”), a subsidiary of Arch Capital Group Ltd., today announced its plan to acquire Somerset Bridge Group Limited, Southern Rock Holdings Limited and affiliates (“Somerset”), subject to regulatory approval.
The proposed acquisition will include Somerset’s motor managing general agent, distribution capabilities through direct and aggregator channels, affiliated insurer and fully integrated claims operation.
William Soares, Head of Specialty for Arch Re said, “Somerset has been a client of Arch Re for 11 years, which gives us significant insight and confidence in the business and the team. This proposed acquisition supports our strategy of diversifying our sources of premium and allows for collaborative cycle management of the class over time.
“This transaction also anchors our UK motor coinsurance and reinsurance capacity with a fully integrated platform. Somerset brings strong product and distribution capabilities. Coupled with Arch’s analytical capabilities and capital management, the combination of our two firms will provide an enhanced proposition to our customers, stakeholders and third-party capital providers.”
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 $15.8 billion in capital at March 31, 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.