Arch Worldwide Reinsurance Group (Arch Re), the reinsurance arm of Arch Capital Group, has completed its previously announced acquisition of a majority stake in Precision Marketing Asia Pacific (PMAP).
PMAP is an Australian company that provides marketing solutions to banks, insurance companies, retailers and health care organisations across the Asia Pacific region.
The transaction is expected to help both Arch Re and PMAP increase their distribution scale for life and accident and health (A&H) products in the Asian market.
“This acquisition supports our strategy of selectively pursuing diverse specialty markets where we can apply our knowledge and expertise,” said Maamoun Rajeh, Chairman and Chief Executive Officer of Arch Re.
“We have ambitious plans for PMAP and, with our support, we intend to significantly increase our combined footprint across the Asia-Pacific region.”
Keith Lowry, CEO of PMAP, also commented: “We have known the Arch team for some time and we are incredibly excited to join the company. The capital support that Arch brings will facilitate the scalability of our business model.”
“Our intention is to work with our existing business partners to drive long-term profitable growth. We have identified high potential, innovative growth opportunities with Arch. Our team is focused on what looks like a bright future.”