Arch Capital to acquire Somerset Bridge Group
A subsidiary of Bermudian-based Arch Capital Group Ltd has announced plans to acquire Somerset Bridge Group Limited, Southern Rock Holdings Limited and affiliates, subject to regulatory approval.
The proposed acquisition by Arch Reinsurance Ltd will include Somerset’s motor managing general agent, distribution capabilities through direct and aggregator channels, affiliated insurer and fully integrated claims operation.
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.”
He added: “This transaction also anchors our UK motor co-insurance and reinsurance capacity with a fully integrated platform. Somerset brings strong product and distribution capabilities.
“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.”