Arch Re to Acquire Global Credit & Surety Renewal Rights From Aspen Re
Arch Reinsurance (Arch Re), a wholly owned subsidiary of Arch Capital Group Ltd. (ACGL), and Aspen Reinsurance (Aspen Re), the reinsurance business segment of Aspen Insurance Holdings Limited (Aspen), jointly announced that Arch Re has entered into a renewal rights agreement with Aspen Re on its global credit and surety reinsurance business after Aspen Re’s decision to exit the line. In addition to the renewal rights on the portfolio, the parties have agreed to initiate additional discussions about the potential novation of the existing book in the coming months.
Arch has extended employment offers to all of Aspen Re’s Zurich-based credit and surety employees to join Arch Re’s existing credit and surety team based in Zurich.
“This is a unique opportunity for us to not only augment and diversify our credit and surety portfolio through the acquisition of Aspen Re’s renewal rights, but to also add talented employees to our team,” said Michael Hammer, President and CEO of Arch Re Europe. “We appreciate working with Aspen to bring the two teams together and look forward to enhancing our overall service offering to our clients.”
Christian Dunleavy, Chief Underwriting Officer of Aspen Re said, “We are very pleased to have reached agreement with Arch Re for the renewal of our reinsurance credit and surety business as we seek to create a more simple and focused reinsurance business at Aspen Re. This agreement with Arch Re facilitates continuity for both our staff and cedents with a strong counterparty, which was a critical consideration. We would like to wish our cedents and the credit and surety team well for their future with Arch Re.”
Richard Lange, Head of Credit and Surety at Arch Re Europe, said, “We welcome the opportunity to add to the Arch team and provide top level service along with a large balance sheet to Aspen Re’s existing clients and brokers. We hope to earn these clients’ trust and to begin and sustain a long term relationship with them.”
About Arch Worldwide Reinsurance Group
Arch Worldwide Reinsurance Group, a part of Arch Capital Group Ltd., provides reinsurance to its clients around the globe. With offices in North America, Bermuda, Europe and Australia, Arch Worldwide Reinsurance offers specialty risk solutions through treaty and facultative property and casualty reinsurance with a disciplined underwriting approach.
About Arch Capital Group Ltd.
Arch Capital Group Ltd., a Bermuda-based company with approximately $12.89 billion in capital at Sept. 30, 2019, 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 our 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 our 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 our ability to maintain and improve our ratings; investment performance; the loss of key personnel; the adequacy of our 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; the impact of acts of terrorism and acts of war; changes in regulations and/or tax laws in the United States or elsewhere; our ability to successfully integrate, establish and maintain operating procedures as well as integrate the businesses we have 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 us of reinsurance to manage our gross and net exposures; the failure of others to meet their obligations to us; and other factors identified in our filings with the U.S. Securities and Exchange Commission.
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 our behalf are expressly qualified in their entirety by these cautionary statements. We undertake 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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