Mergers & Acquisitions
By The Online Investor Staff, updated Sat., Apr. 20, 6:36 AM
This Slide: #85 of 100 |
Slide #85. Arch Capital Group Ltd. — Allianz's U.S. MidCorp and Entertainment Insurance Businesses
Acquirer:
Arch Capital Group Ltd. (NASDAQ:ACGL)
Acquiree:
Allianz's U.S. MidCorp and Entertainment Insurance Businesses
Details:
Arch Insurance North America (Arch Insurance), part of Arch Capital Group Ltd. (NASDAQ:ACGL) (Arch), today announces it has entered into a master transaction agreement to acquire the U.S. MidCorp and Entertainment insurance businesses, including select specialty insurance programs, from Allianz Global Corporate & Specialty SE (AGCS) for a $450 million cash consideration to Allianz. Arch estimates its capital requirement to support the business will be approximately $1.4 billion.
Arch Capital Group is a holding company. Through its subsidiaries, Co. provides insurance, reinsurance and mortgage insurance. Co.'s underwriting segments are: insurance, which includes construction and national accounts, excess and surplus casualty, lenders products, professional lines, programs, and property, energy, marine and aviation; reinsurance, which includes casualty, marine and aviation, other specialty, property catastrophe, and property excluding property catastrophe; and mortgage, which includes its U.S. primary mortgage insurance, U.S. credit risk transfer that are mainly with government sponsored enterprises and international mortgage insurance and reinsurance operations.
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