Arch Capital Group has announced the purchase of Barbican Group Holdings, which includes Barbican Managing Agency, Arcus 1856 and Castel Underwriting Agencies, for an undisclosed amount.
The purchase will be funded by US asset management firm Carlson Capital.
The acquisition is expected to be completed in Q3 or Q4 2019, conditional on regulatory approval.
Hugh Sturgess, president and CEO at Arch Insurance International, described the decision: “The acquisition of Barbican deepens Arch’s commitment to both Lloyd’s and the London market and provides our broker partners with a more comprehensive array of products and expertise.”
In April 2019, Arch UK purchased both Obelisk Underwriting and Axiom Underwriting.
