Acquisition would increase distribution in the Asia-Pacific market
PEMBROKE, Bermuda–(BUSINESS WIRE)–Arch Reinsurance (Arch Re), a wholly owned subsidiary of Arch Capital Group Ltd., has announced that it has entered into an agreement in principle to obtain a majority stake in Precision Marketing Asia Pacific (PMAP), subject to regulatory and other approvals. PMAP is an Australian company that provides data-driven marketing solutions to banks, insurance companies, retailers and health care organizations across the Asia-Pacific region. This transaction provides both Arch Re and PMAP increased distribution scale for life and accident and health (A&H) products in the Asian market through a combined value proposition.
Maamoun Rajeh, Chairman and Chief Executive Officer of Arch Worldwide Reinsurance Group, said, “Acquiring Precision Marketing Asia Pacific aligns with our strategy of selectively pursuing diverse specialty markets where we can apply our knowledge and expertise. Precision Marketing is well known for its highly analytical approach to multichannel distribution and product design, and I believe that Arch Re will benefit from its platform as we look to increase our life and A&H presence in Japan and other Asia-Pacific markets.”
Keith Lowry, CEO of Precision Marketing Asia Pacific, added, “After many years operating as a private enterprise, the Board of Precision Marketing recognise the importance of increased growth capital to accelerate scale in the business and deliver greater value to our distribution partners in Japan. This investment by Arch Capital Group Ltd. will bring necessary financial resources to take the business to the next level.”
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 $13.23 billion in capital at Dec. 31, 2019, 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 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 our 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.
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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.
Contacts
Arch Capital Services
Greg Hare
336 333 0416
ghare@archcapservices.com
