Business Wire

Arch Re to Acquire Global Credit & Surety Renewal Rights From Aspen Re

Share

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.

Contact information

Arch Capital Services
Greg Hare
336 333 0416
ghare@archcapservices.com

About Business Wire

For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

Disruptive.Asia Comments on How Huawei and ONDE Are Helping Thailand Fight COVID-19 and Go Digital at the Same Time3.8.2020 11:00:00 EESTPress release

Disruptive.Asia has talked to Vunnaporn Devahastin, Secretary General of the Office of the National Digital Economy and Society Commission (ONDE) of Thailand, which is collaborating with Huawei Technologies on various fronts to not only fight COVID-19 with digital technologies, but advance and accelerate Thailand’s efforts to become a digital nation, in this week’s Huawei Better World Summit. According to Vunnaporn Devahastin, there are 3 key ONDE initiatives to combat COVID-19, which are enabling government agencies and state enterprises to implement work-from-home (WFH) policies, raising sellers’ capabilities in e-commerce and enhancing rural connectivity, and providing financial support to create the Digital Economy and Society (DES) Development Fund. Meanwhile, Thailand’s Ministry of Digital Economy and Society (MDES) has been working with Huawei Technology (Thailand) Co Ltd to find ways that medical staff can leverage advanced digital technologies powered by the integration of 5G,

REPLY: Protocube Reply Presents Its Virtual Interactive Showroom Solution for the Virtualization of Environments and Products3.8.2020 10:30:00 EESTPress release

Protocube Reply, the Reply Group company specializing in the creation of virtual environments, makes available from today its Virtual Interactive Showroom solution aimed at virtualizing environments and products for B2C and B2B markets. Through the potential offered by 3D technology, the solution enables an effective digital transposition of objects and events traditionally necessitated by physical interaction - such as exhibition venues, trade shows and consumer products - and aims to respond to the needs for new opportunities and forms of business outlined by the companies and customers that were most affected by the COVID-19 outbreak. Virtual Interactive Showroom is aimed in particular at operators and players in the trade fair industry thanks to its high level of involvement and engagement with customers and visitors (buyers, retailers, end customers). The solution allows for the seamless exploration of virtual environments, either independently or with the support of remote operat

Simpson Thacher Adds Leading Private Equity Lawyer James Howe3.8.2020 10:00:00 EESTPress release

Simpson Thacher & Bartlett LLP announced today that James Howe has joined its Mergers and Acquisitions Practice as a Partner in the London office. “We are very pleased to welcome James to Simpson Thacher,” said Bill Dougherty, Chairman of Simpson Thacher’s Executive Committee. “His extensive experience advising private equity firms and financial institutions on complex deals in the United Kingdom, continental Europe and around the world will further enhance our strong London-based platform.” James is a rising star in private equity M&A who focuses on cross-border leveraged buyouts, mergers and acquisitions and corporate finance transactions. He has advised a wide range of clients across the globe, including many of the world’s leading private equity sponsors and financial institutions. He joins the Firm from Gibson, Dunn & Crutcher LLP. “Given his experience advising many of the most sophisticated private equity sponsors on a wide range of high-profile transactions, James is a perfect

Boosting Investment in R&I: €100,000 donation by kENUP Foundation to Malta’s COVID-19 R&D Fund1.8.2020 11:23:00 EESTPress release

kENUP Foundation has presented €100,000 donation into Malta’s COVID-19 R&D Fund. The Fund is managed jointly by the Malta Council for Science and Technology (MCST) and Malta Enterprise with the support of the Ministry for Finance and Financial Services, and the Ministry for the Economy, Investment & Small Businesses. The Malta fund will see €5.3M funnelled into developing innovative and improved scientific and technological approaches to the challenges raised by COVID-19 and future pandemics. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200801005005/en/ Boosting Investment in R&I: €100,000 donation by kENUP Foundation to Malta’s COVID-19 R&D Fund (Photo: Business Wire) kENUP, a Malta-based not-for-profit global partnership in innovation, promotes research-based innovation for Europe with public and societal benefit. Holm Keller, Chairman of kENUP Foundation said, “We are very grateful to the Maltese Government for the init

Dole Unveils Integrated Strategy Against Banana Disease31.7.2020 20:32:00 EESTPress release

Dole Food Company today shared the company’s most recent update on its efforts to combat Fusarium Tropical Race 4 (TR4), a plant disease that poses an existential threat to bananas, a major staple crop for much of the world. Since the discovery of TR4 in northern Colombia one year ago, Dole swiftly ramped-up its TR4 response plan, implementing site-specific TR4 prevention activities throughout Latin America in coordination with local authorities and international experts to contain and prevent spread. A three-year containment program was immediately implemented in 2019 to ensure biosecurity protocols in every Dole banana farm, as well as those of Dole’s independent suppliers. Those protocols build upon best practices implemented in the banana producing countries where the disease has been successfully contained and are continually reviewed and strengthened per site—based upon the farm layout and location—to maximize the effectiveness of the risk-based mitigation plan. Dole also continu

Systemic Risk Council Issues Comments to Financial Stability Board31.7.2020 18:50:00 EESTPress release

Today, the Systemic Risk Council (SRC) issued notification of its comments to the Financial Stability Board (FSB) concerning the FSB’s proposed guidance on the resolution of central-counterparty clearing houses (CCPs). The Systemic Risk Council (SRC) considers that the proposed guidance is not fit for purpose as it currently stands. The full text of the comments can be seen here. For further information contact David Evanson at devanson@comcast.net or 215.460.8139 or Bristol Voss at bristol.voss@cfainstitute.org or 917.817.0888. About The Systemic Risk Council The Systemic Risk Council (SRC or Council) is a private sector, non-partisan body of former government officials and financial and legal experts committed to addressing regulatory and structural issues relating to global systemic risk, with a particular focus on the United States and Europe. It has been formed to provide a strong, independent voice for reforms that are necessary to protect the public from financial instability. T

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom