Acquisition will increase distribution in the Asia-Pacific market
PEMBROKE, Bermuda -- (BUSINESS WIRE) --
The Arch Worldwide Reinsurance Group (Arch Re), part of Arch Capital Group Ltd., today announced that it has completed its previously announced acquisition of a majority stake in Precision Marketing Asia Pacific (PMAP).
PMAP is headquartered in Sydney, Australia with operations in Japan and Indonesia. The firm provides data-driven marketing and distribution solutions to banks, insurance companies, retail groups and affinity partners across the Asia-Pacific region. By acquiring a majority stake, Arch is providing PMAP with corporate backing to continue its growth by expanding its Asia-Pacific presence. This transaction provides both Arch Re and PMAP increased distribution opportunities for life, accident and health products.
Maamoun Rajeh, Chairman and Chief Executive Officer of Arch Worldwide Reinsurance Group, said, “This acquisition supports our strategy of selectively pursuing diverse specialty markets where we can apply our knowledge and expertise. We have ambitious plans for PMAP and, with our support, we intend to significantly increase our combined footprint across the Asia-Pacific region.”
Keith Lowry, CEO of PMAP, added, “We have known the Arch team for some time and we are incredibly excited to join the company. The capital support that Arch brings will facilitate the scalability of our business model. Our intention is to work with our existing business partners to drive long-term profitable growth. We have identified high potential, innovative growth opportunities with Arch. Our team is focused on what looks like a bright future.”
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 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 $13.10 billion in capital at March 31, 2020, 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 (“PSLRA”) 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 the ours 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, for purposes of the PSLRA or otherwise, can generally be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe” or “continue” and similar statements of a future or forward-looking nature 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 effect of contagious diseases (including COVID-19); 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; changes in the method for determining the London Inter-bank Offered Rate (“LIBOR”) and the potential replacement of LIBOR 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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CONTACT:
Arch Capital Services
Greg Hare
336 333 0416
ghare@archcapservices.com
