Arch Capital Group Ltd. announced the completion of its previously disclosed acquisition of Barbican Group Holdings Ltd. (Barbican), including Barbican Managing Agency Ltd., Lloyd’s Syndicate 1955, Castel Underwriting Agencies Ltd. and other associated entities.
“We are excited to complete this transaction, which deepens Arch’s commitment to both Lloyd’s and the London market and provides our brokers and clients more access to Arch’s Insurance and Reinsurance platforms,” said Nicolas Papadopoulo, chairman and CEO of Arch Worldwide Insurance Group.
Final details of the deal, which was first announced in July, were not disclosed.
Barbican will be consolidated into Arch’s insurance and reinsurance operations while continuing to grow partnerships with third-party capital relationships. Castel will continue to operate independently with financial support for its continued growth provided by Arch.
RBC Capital Markets acted as exclusive financial adviser to Arch. TigerRisk Capital Markets & Advisory acted as exclusive financial adviser to Barbican. Legal advisers to Arch were Womble Bond Dickinson (UK) LLP, with Willkie Farr & Gallagher (UK) LLP acting as legal advisers to Carlson Capital.
Source: Arch Capital Group Ltd.
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