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Arch Reinsurance Acquires Majority Stake In
Precision Marketing Asia Pacific
Acquisition will increase distribution in the Asia-Pacific market
PEMBROKE, Bermuda, July 1, 2020–The Arch Worldwide Reinsurance Group, part of Arch Capital Group Ltd., today announced that it hascompleted its previously announced acquisition of a majority stake in Precision Marketing Asia Pacific (PMAP).
PMAP is head quartered in Sydney, Australia with operations in Japan and Indonesia. The firm provides data-driven marketing and distribution solutions to banks, insurance companies, retail groups and affinity partners across the Asia-Pacific region. By acquiring a majority stake, Arch is providing PMAP with corporate backing to continue its growth by expanding its Asia-Pacific presence. This transaction provides both Arch Re and PMAP increased distribution opportunities for life, accident and health products.
Maamoun Rajeh, Chairman and Chief Executive Officer of Arch Worldwide Reinsurance Group, said, “This acquisition supports our strategy of selectively pursuing diverse specialty markets where we can apply our knowledge and expertise. We have ambitious plans for PMAP and, with our support, we intend to significantly increase our combined footprint across the Asia-Pacific region”
Keith Lowry, CEO of PMAP, added, “We have known the Arch team for some time and we are incredibly excited to join the company. The capital support that Arch brings will facilitate the scalability of our business model. Our intention is to work with our existing business partners to drive long-term profitable growth. We have identified high potential, innovative growth opportunities with Arch. Our team is focused on what looks like a bright future.”
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 $13.10 billion in capital at March 31, 2020, provides insurance, reinsurance and mortgage insurance on a worldwide basis through its wholly owned subsidiaries.
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The Private Securities Litigation Reform Act of 1995 (“PSLRA”) 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 the ours 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. Forward-looking statements, for purposes of the PSLRA or otherwise, can generally be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe” or “continue” and similar statements of a future or forward-looking nature or their negative or variations or similar terminology.
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Contact: Arch Capital Services
336 333 0416