Arch Insurance North America Acquires Allianz’s U.S. MidCorp and Entertainment Insurance Businesses
01 Août 2024 - 2:30PM
Business Wire
Acquisition Enhances Middle Market Offerings
Within Arch Insurance
Arch Insurance North America (Arch Insurance), part of Arch
Capital Group Ltd. (Nasdaq: ACGL) (Arch), today announced it has
closed the acquisition of the U.S. MidCorp and Entertainment
insurance businesses from Allianz originally announced on April 5.
Nearly 500 former Allianz MidCorp and Entertainment employees have
joined Arch and will provide continuity to clients and brokers as
Arch Insurance focuses on growing its middle market offerings.
The new Arch MidCorp and Entertainment businesses will report to
Mark Lange in the recently created role of Chief Middle Market
Executive. Lange previously served as Chief Strategy Officer for
Arch Insurance North America.
“We are thrilled to welcome these talented individuals to Arch
and look forward to earning the trust of their existing clients and
distribution partners,” said Matt Shulman, CEO for Arch Insurance
North America. “Under Mark’s leadership, we will continue to drive
growth, deliver exceptional value to customers, create
opportunities for our new colleagues and Pursue Better Together as
a united team.”
Lange added: “I’m looking forward to working with this talented
and experienced team to help build out Arch’s middle-market
platform. One of our guiding principles throughout this transaction
has been to emphasize continuity and to maintain a customer-centric
mindset, and I know we’re all ready to hit the ground running.”
Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC acted
as financial advisors to Arch, and Willkie Farr & Gallagher LLP
served as the Company’s legal advisor.
About Arch Insurance North America
Arch Insurance North America, part of Arch Capital Group Ltd.,
includes Arch’s insurance operations in the United States and
Canada. Business in the U.S. is written by Arch Insurance Company,
Arch Specialty Insurance Company, Arch Property & Casualty
Insurance Company and Arch Indemnity Insurance Company. Business in
Canada is written by Arch Insurance Canada Ltd.
About Arch Capital Group Ltd.
Arch Capital Group Ltd. (Nasdaq: ACGL) is a publicly listed
Bermuda exempted company with approximately $23.4 billion in
capital at June 30, 2024. Arch, which is part of the S&P 500
Index, provides insurance, reinsurance and mortgage insurance on a
worldwide basis through its wholly owned subsidiaries.
Cautionary Note Regarding Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a
"safe harbor" for forward−looking statements. This release or any
other written or oral statements made by or on behalf of Arch
Capital Group Ltd. and its subsidiaries may include forward−looking
statements, which reflect the Company’s current views with respect
to future events and financial performance. All statements other
than statements of historical fact included in or incorporated by
reference in this release are forward−looking statements.
Forward−looking statements can generally be identified by the
use of forward−looking terminology such as "may," "will," "expect,"
"intend," "estimate," "anticipate," "believe" or "continue" or
their negative or variations or similar terminology.
Forward−looking statements involve the Company’s current assessment
of risks and uncertainties. Actual events and results may differ
materially from those expressed or implied in these statements. A
non-exclusive list of the important factors that could cause actual
results to differ materially from those in such forward-looking
statements includes the following: adverse general economic and
market conditions; increased competition; pricing and policy term
trends; fluctuations in the actions of rating agencies and the
Company’s ability to maintain and improve its ratings; investment
performance; the loss of key personnel; the adequacy of the
Company’s loss reserves, severity and/or frequency of losses,
greater than expected loss ratios and adverse development on claim
and/or claim expense liabilities; greater frequency or severity of
unpredictable natural and man-made catastrophic events, including
pandemics such as COVID-19; the impact of acts of terrorism and
acts of war; changes in regulations and/or tax laws in the United
States or elsewhere; ability to successfully integrate, establish
and maintain operating procedures as well as integrate the
businesses the Company has acquired or may acquire into the
existing operations; changes in accounting principles or policies;
material differences between actual and expected assessments for
guaranty funds and mandatory pooling arrangements; availability and
cost to the Company of reinsurance to manage our gross and net
exposures; the failure of others to meet their obligations to the
Company; an incident, disruption in operations or other cyber event
caused by cyber attacks, the use of artificial intelligence
technologies or other technology on the Company’s systems or those
of the Company’s business partners and service providers, which
could negatively impact the Company’s business and/or expose the
Company to litigation; and other factors identified in our filings
with the U.S. Securities and Exchange Commission (SEC).
The foregoing review of important factors should not be
construed as exhaustive and should be read in conjunction with
other cautionary statements that are included herein or elsewhere.
All subsequent written and oral forward−looking statements
attributable to us or persons acting on the Company’s behalf are
expressly qualified in their entirety by these cautionary
statements. The Company undertakes no obligation to publicly update
or revise any forward−looking statement, whether as a result of new
information, future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20240801849807/en/
Arch Media: Greg Hare Arch Capital Services LLC
ghare@archgroup.com
Stephanie Perez Arch Capital Services LLC
stperez@archgroup.com
Arch Capital (NASDAQ:ACGL)
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