Acquisition will increase distribution in the Asia-Pacific market
The Arch Worldwide Reinsurance Group (Arch Re), part of Arch Capital Group Ltd., today announced that it has completed its previously announced acquisition of a majority stake in Precision Marketing Asia Pacific (PMAP).
PMAP is headquartered 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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