Bermuda based (re)insurance company Arch Capital Group announced the completion of its acquisition of Barbican Group Holdings Limited (Barbican), including Barbican Managing Agency, Lloyd’s Syndicate 1955, Castel Underwriting Agencies Limited (Castel) and other associated entities.
Barbican will be consolidated into Arch’s Insurance and Reinsurance operations while continuing to grow partnerships with third-party capital relationships.
Castel will continue to operate independently with financial support for its continued growth provided by Arch.
The deal, which was first announced in July 2019, is expected to provide a considerable expansion to Arch’s London and Lloyd’s related insurance and reinsurance underwriting operations.
Nicolas Papadopoulo, chairman and CEO of Arch Worldwide Insurance Group, said: “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.”