Arch Capital Group Ltd., a diversified Bermuda-based financial services company, announced plans to acquire Tri-City Brokerage, Inc. from Ullico Inc. for an undisclosed amount.
Tri-City, which has offices in Chicago, Long Island, Los Angeles, San Francisco and New York, was described as one of the largest independent brokers of specialized wholesale insurance products and services in the U.S., producing over $300 million in premiums from p/c lines, financial services, program business and specialty products.
The acquisition will broaden the products and services of Arch Insurance Services which provides a range of risk-transfer, merchant banking and capital-related services to entities engaged in insurance distribution.
Both Tri-City CEO John Hahn and Peter Appel CEO of Arch Capital described the acquisition as a boost for both companies in terms of the services they can offer to clients, and the scope of the insurance marketplace in which they operate.
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