Arch Re, a subsidiary of Arch Capital Group Ltd, has announced plans to acquire Somerset Bridge Group Limited.
The proposed acquisition, which is subject to regulatory approval, will include Somerset’s motor managing general agent, distribution capabilities through direct and aggregator channels, affiliated insurer and fully integrated claims operation.
Arch Re said the deal would “deepen” Arch Re’s motor and distribution capabilities in the UK.
William Soares, head of specialty for Arch Re, said: “Somerset has been a client of Arch Re for 11 years, which gives us significant insight and confidence in the business and the team.
“This proposed acquisition supports our strategy of diversifying our sources of premium and allows for collaborative cycle management of the class over time. This transaction also anchors our UK motor coinsurance and reinsurance capacity with a fully integrated platform.”
He added: “Coupled with Arch’s analytical capabilities and capital management, the combination of our two firms will provide an enhanced proposition to our customers, stakeholders and third-party capital providers.”