ARCH COMPLETES ACQUISITION OF BARBICAN

Bermudian re/insurer Arch Capital has closed its acquisition of Barbican Group Holdings from funds managed by US alternative asset management firm Carlson Capital. Terms of the deal were not disclosed. The transaction includes Barbican Managing Agency, Lloyd’s Syndicate 1955, Castel Underwriting Agencies and other associated entities. Arch Worldwide Insurance Group chairman and chief executive Nicolas Papadopoulo said the deal “deepens Arch’s commitment to both Lloyd’s and the London market and provides our brokers and clients more access to Arch’s insurance and reinsurance platforms.” Barbican is to be consolidated into Arch’s re/insurance operations as it continues to grow third-party capital relationships. Castel will continue to operate independently with Arch’s financial support. Serving as financial advisors on the deal were RBC Capital Markets for Arch and TigerRisk Capital Markets & Advisory for Barbican.