Subject to regulatory approval, Arch Capital Group subsidiary Arch Reinsurance Ltd is snapping up Somerset Bridge Group, Southern Rock Holdings, and affiliates (Somerset) for an undisclosed sum.
“Somerset has been a client of Arch Re for 11 years, which gives us significant insight and confidence in the business and the team,” noted Arch Re specialty head William Soares. “This proposed acquisition supports our strategy of diversifying our sources of premium and allows for collaborative cycle management of the class over time.”
Soares added: “This transaction also anchors our UK motor coinsurance 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.”
Bristol-based Somerset Bridge Group is the name behind claims handling service and managing general agent Somerset Bridge Ltd and insurance brokerage Somerset Bridge Insurance Services.
