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Bermuda-based insurer and reinsurer Arch Capital Group Ltd. announced Tuesday that it has agreed to buy London-based Barbican Group Holdings Ltd. in a deal that will more than double its business at Lloyd’s of London.
In a statement, Arch said it will purchase Barbican from Dallas-based investment firm Carlson Capital LP, which has supported Barbican since the launch of its main Lloyd’s syndicate in 2007. Terms of the deal were not disclosed.
Arch already manages syndicate 2012 at Lloyd’s, which reported £232 million ($281.9 million) in gross written premium in 2018. Barbican manages syndicate 1955, which reported £434 million in gross written premium last year, syndicate 1856, which reported £144 million, and special purpose vehicle 6132, which reported $40 million.
Barbican also manages Castel Underwriting Agencies Ltd., a managing general agent.
According to its website, Barbican’s coverage lines include: accident and health, aviation and space, cyber liability, energy, financial and professional lines, health care liability, property, marine and North American casualty reinsurance.
The deal is expected to close in the third or fourth quarter of 2019.
LONDON A multiline Lloyd's of London syndicate, Barbican 1955, was launched Thursday.