Arch Re expands Asia Pacific presence with acquisition
Arch Worldwide Reinsurance Group (Arch Re), a part of Bermuda-based Arch Capital Group, acquired a majority stake in data-driven marketing and distribution solutions provider Precision Marketing Asia Pacific (PMAP).
The acquisition positions Arch Re to expand its presence across the Asia-Pacific region, and increased distribution opportunities for life, accident and health products.
PMAP is headquartered in Sydney, Australia with operations in Japan and Indonesia.
Insurance-focussed law firm Clyde & Co advised Arch Re on the transaction, supported by financial advisers KPMG.
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.”
Thomas Keel, vice president life (Asia Pacific) at Arch Re and an incoming director of PMAP, added: "The Arch team is extremely grateful to the members of Clyde & Co that assisted us with the acquisition."
Keith Lowry, CEO of PMAP, commented: “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.”
Dean Carrigan, partner at Clyde & Co, said: "The investment by Arch shows that, even in these turbulent times, there continues to be opportunities for market participants to find creative synergies to expand their global footprint. Clyde & Co looks forward to continuing to provide ongoing assistance to Arch globally in their strategy of pursuing diverse specialty markets."
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