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Arch Insurance coverage North America (Arch Insurance coverage), a division of Arch Capital Group (Arch Capital), has signed a grasp transaction settlement to amass the US property of AGCS.
The deal entails the sale of AGCS’ US MidCorp and leisure insurance coverage companies, together with choose specialty insurance coverage programmes, for $450m in money.
Arch will tackle round $2bn in loss reserves linked to the acquired operations.
The whole transaction worth is $1.4bn, which incorporates the money consideration and $1bn in capital assist for the acquired property.
The companies being acquired, underwritten by the Fireman’s Fund Insurance coverage Firm and its subsidiaries, generated a mixed gross premium of $1.7bn in 2023.
Round 500 employees members supporting these operations, together with underwriters and claims professionals, are set to affix Arch Insurance coverage.
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Final yr, Arch Insurance coverage, recognized for providing property, casualty and specialty insurance coverage options, reported $5.8bn in gross premiums written in North America.
AGCS US will now give attention to its massive company and specialty enterprise.
Arch Insurance coverage North America CEO Matt Shulman stated: “The acquisition of the MidCorp enterprise meaningfully expands our presence within the US center market, a focused progress space for Arch. This transaction will improve our distribution relationships, broaden our product suite and increase our skill to take part in these underwriting-intensive middle-market traces.
“We’re additionally excited so as to add a market-leading leisure enterprise that enhances Arch Insurance coverage’s current portfolio of specialty merchandise.”
AGCS CEO for North America and member of AGCS’ board of administration Tracy Ryan stated: “This strategic step for our US enterprise permits us to leverage our strengths in these vital market segments, the place we’ve got deep experience in addressing our shoppers’ most advanced dangers.”
The deal is pending regulatory clearances, with completion due within the second half of 2024.
Final month, Allianz Commerce, the commerce credit score insurance coverage arm of Allianz, collaborated with Nuvo, a B2B commerce credit score expertise platform, to improve commerce credit score insurance coverage coverage administration for its clientele.
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