The reinsurance arm of Arch Capital Group, Arch Reinsurance (Arch Re), has announced that it plans to obtain 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.
“Acquiring Precision Marketing Asia Pacific aligns with 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 Worldwide Reinsurance Group.
“Precision Marketing is well known for its highly analytical approach to multichannel distribution and product design, and I believe that Arch Re will benefit from its platform as we look to increase our life and A&H presence in Japan and other Asia-Pacific markets.”
Keith Lowry, CEO of Precision Marketing Asia Pacific, also commented: “After many years operating as a private enterprise, the Board of Precision Marketing recognise the importance of increased growth capital to accelerate scale in the business and deliver greater value to our distribution partners in Japan.”
“This investment by Arch Capital Group Ltd. will bring necessary financial resources to take the business to the next level,” Lowry added.