An announcement from Arch Capital Group Ltd (ACGL) is now available.
Arch Capital Group Ltd. has entered into a significant agreement to acquire the U.S Middle Market Property & Casualty Insurance and U.S. Entertainment Property and Casualty Insurance Business from Allianz Global Risks US Insurance Company. The $450 million deal includes assets acquisition, loss portfolio reinsurance, and a new business reinsurance agreement. This strategic move, set to close in the second half of 2024, is poised to expand Arch Capital’s footprint in the insurance sector, subject to regulatory approvals and other customary closing conditions.
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