Bermuda-based re/insurance company Arch Capital Group has completed its acquisition of Barbican Group Holdings Limited from owner investor Carlson Capital.
The deal, first announced in July 2019, is expected to provide a significant expansion to Arch’s London and Lloyd’s related insurance and reinsurance underwriting operations.
As part of the acquisition, Arch will take over 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.
Going forward, Barbican will be consolidated into Arch’s Insurance and Reinsurance operations while continuing to grow partnerships with third-party capital relationships.
Additionally, 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 on this transaction, while 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.