While we are now under new majority ownership, Castel Underwriting Agencies Limited will continue to operate as an independent trading company and our business operations are unaffected.
We will maintain the strong relationships we have developed with our multiple capacity partners and continue to provide high quality infrastructure, services and capacity to the increasing number of underwriting cells who operate within our unique club-style MGA formation platform.
Arch Capital Group Ltd. Closes Acquisition of Barbican Group Holdings Limited
PEMBROKE, BERMUDA, Nov. 29, 2019 — Arch Capital Group Ltd. [NASDAQ: ACGL] today announced the completion of its previously disclosed acquisition of Barbican Group Holdings Limited (Barbican), including Barbican Managing Agency Limited, Lloyd’s Syndicate 1955, Castel Underwriting Agencies Limited (Castel) 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.
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 advisor to Arch. TigerRisk Capital Markets & Advisory acted as exclusive financial advisor to Barbican. Legal advisors to Arch were Womble Bond Dickinson (UK) LLP, with Willkie Farr & Gallagher (UK) LLP acting as legal advisors to Carlson Capital.
About Arch Capital Group Ltd.
Arch Capital Group Ltd., a Bermuda-based company with approximately $12.89 billion in capital at Sept. 30, 2019, provides insurance, reinsurance and mortgage insurance on a worldwide basis through its wholly owned subsidiaries.