Arch Capital Group

Media Release: AGCS to focus on U.S. Large Corporate and Specialty insurance with sale of U.S. MidCorp and Entertainment businesses to Arch Insurance North America

Retrieved on: 
Vendredi, avril 5, 2024
Other Professional Services, Professional Services, Insurance, Finance, Entertainment, Sale, Arch Capital Group, Corporation

Allianz Global Corporate & Specialty SE (‘AGCS’), Allianz Group’s carrier for large corporate and specialty insurance, today announced an agreement to sell its U.S. MidCorp and Entertainment insurance businesses, underwritten via its Fireman’s Fund subsidiaries, to Arch Insurance North America, part of Arch Capital Group Ltd. (‘Arch’), for an agreed cash payment of $450 million reflecting the franchise value of the business.

Key Points: 
  • Allianz Global Corporate & Specialty SE (‘AGCS’), Allianz Group’s carrier for large corporate and specialty insurance, today announced an agreement to sell its U.S. MidCorp and Entertainment insurance businesses, underwritten via its Fireman’s Fund subsidiaries, to Arch Insurance North America, part of Arch Capital Group Ltd. (‘Arch’), for an agreed cash payment of $450 million reflecting the franchise value of the business.
  • The transaction includes risk transfer for Allianz, as Arch is assuming approximately $2 billion of loss reserves associated with the business.
  • Approximately 500 employees from Allianz are expected to transfer to Arch as part of the agreement.
  • “We are proud of our employees who have served our U.S. MidCorp and Entertainment clients and brokers over the years.

Arch Insurance North America to Acquire Allianz’s U.S. MidCorp and Entertainment Insurance Businesses

Retrieved on: 
Vendredi, avril 5, 2024
Insurance, Professional Services, Culture, Entertainment, LLP, Acquisition, ACGL, Arch Capital Group, Willkie Farr & Gallagher, J.P. Morgan & Co.

Arch Insurance North America (Arch Insurance), part of Arch Capital Group Ltd. (Nasdaq: ACGL) (Arch), today announces it has entered into a master transaction agreement to acquire the U.S. MidCorp and Entertainment insurance businesses, including select specialty insurance programs, from Allianz Global Corporate & Specialty SE (AGCS) for a $450 million cash consideration to Allianz.

Key Points: 
  • Arch Insurance North America (Arch Insurance), part of Arch Capital Group Ltd. (Nasdaq: ACGL) (Arch), today announces it has entered into a master transaction agreement to acquire the U.S. MidCorp and Entertainment insurance businesses, including select specialty insurance programs, from Allianz Global Corporate & Specialty SE (AGCS) for a $450 million cash consideration to Allianz.
  • The businesses being acquired are written by Fireman’s Fund Insurance Company and its subsidiaries and collectively totaled $1.7 billion of gross premium written in 2023.
  • “The acquisition of the MidCorp business meaningfully expands our presence in the U.S. middle market, a targeted growth area for Arch,” said Matt Shulman, CEO for Arch Insurance North America.
  • This transaction builds upon Arch Insurance’s North America business that has delivered double-digit topline growth for five consecutive years.

Bermuda Risk Summit Continues to Attract Strong Showing of Overseas Delegates

Retrieved on: 
Lundi, mars 18, 2024
Banking, Accounting, Professional Services, Business, Thought Leadership, Fintech, Asset Management, Other Professional Services, Legal, Insurance, Finance, Consulting, Bermuda College, Synthetic media, AXA, NAIC, KPMG, INED, Amazon, Partnership, Risk, FIO, Eastern Kentucky University, Gold, Transport, Capital, BMA, KBRA, Food, EY, Faculty, BDA, Arch Capital Group, Gen Re, Student, Investment, Kirkland & Ellis, Florida State University, SS&C Technologies, International business, National Association, Recreation, Treasury, Economic development

The Bermuda Risk Summit, presented by the Bermuda Business Development Agency (BDA), in partnership with the Association of Bermuda Insurers and Reinsurers (ABIR) and EY, has once again had a strong showing of overseas support, with 40% of its 450-plus delegate-list attending from overseas.

Key Points: 
  • The Bermuda Risk Summit, presented by the Bermuda Business Development Agency (BDA), in partnership with the Association of Bermuda Insurers and Reinsurers (ABIR) and EY, has once again had a strong showing of overseas support, with 40% of its 450-plus delegate-list attending from overseas.
  • The immediate economic impact of the 2024 Bermuda Risk Summit, held at the Hamilton Princess & Beach Club, March 13-15, including lodging, transportation, food and beverage, retail and recreation was estimated at $3.4 million, supporting 432 jobs.
  • Far more significant were the long-term economic benefits brought about by the additional visitors who flew to Bermuda for business meetings during the week of the summit.
  • Fiona Luck, Lloyd’s Council Member, Convex Group INED said, “I congratulate the BDA on another successful Bermuda Risk Summit, further cementing Bermuda’s position as a globally significant insurance and reinsurance centre.

Record Number of US Insurance Regulators Speaking at 2024 Bermuda Risk Summit

Retrieved on: 
Lundi, mars 11, 2024
Professional Services, Business, Thought Leadership, Other Professional Services, Insurance, Finance, Friends, KPMG, Transport, Investment, Treasury, Representative, AXA, Commissioner, Amazon, Partnership, FIO, Florida House, Gen Re, SS&C Technologies, National Association, Economic development, Risk management, Food, Arch Capital Group, App Store (iOS/iPadOS), Kirkland & Ellis, International business, NAIC, Gold, Capital, KBRA, EY, BDA, Google Play, Recreation, Financial services

The Bermuda Business Development Agency (BDA) looks forward to welcoming the heads of the National Association of Insurance Commissioners (NAIC) and US Department of Treasury, Federal Insurance Office (FIO) to the third annual Bermuda Risk Summit this week.

Key Points: 
  • The Bermuda Business Development Agency (BDA) looks forward to welcoming the heads of the National Association of Insurance Commissioners (NAIC) and US Department of Treasury, Federal Insurance Office (FIO) to the third annual Bermuda Risk Summit this week.
  • The Bermuda Risk Summit, presented by the Bermuda Business Development Agency (BDA), in partnership with the Association of Bermuda Insurers and Reinsurers (ABIR) and EY, will take place at the Hamilton Princess & Beach Club from March 13-15.
  • David Hart, CEO, BDA said, “We are extremely grateful for the level of support we have received from our industry partners and overseas friends.
  • An independent, public-private partnership, we connect you to industry professionals, regulatory officials, and key contacts in the Bermuda government to assist domicile decisions.

Arch MI to Acquire RMIC Companies, Inc.

Retrieved on: 
Lundi, novembre 13, 2023
Professional Services, Other Construction & Property, Residential Building & Real Estate, Insurance, Finance, Construction & Property, Banking, Arch, Jefferies Group, Risk, Old Republic International, Arch Capital Group

Arch U.S. MI Holdings (Arch MI), a wholly owned subsidiary of Arch Capital Group Ltd., today announced it has entered into a definitive agreement to acquire RMIC Companies, Inc. (RMIC) and its subsidiaries that together comprise the run-off mortgage insurance business of Old Republic International Corporation.

Key Points: 
  • Arch U.S. MI Holdings (Arch MI), a wholly owned subsidiary of Arch Capital Group Ltd., today announced it has entered into a definitive agreement to acquire RMIC Companies, Inc. (RMIC) and its subsidiaries that together comprise the run-off mortgage insurance business of Old Republic International Corporation.
  • Once the transaction is closed, RMIC’s $1 billion risk in force (RIF) portfolio will be integrated into Arch MI’s existing U.S. primary mortgage portfolio, which had a RIF of $75.9 billion at Sept. 30, 2023.
  • “Our ability to leverage the scale of our platform to gain significant expense and capital synergies makes this an attractive financial transaction for Arch,” said David Gansberg, Chief Executive Officer of Arch’s Global Mortgage Group.
  • Jefferies LLC served as Arch’s financial advisor and Eversheds Sutherland served as Arch’s legal advisor.

Clearwater Analytics Announces Third Quarter 2023 Financial Results

Retrieved on: 
Mercredi, novembre 1, 2023
Knowledge, Adjustment, Nebraska Methodist Health System, Bank, OMS, PMS, Nationwide, Clearwater Analytics, AMA Gold Report Top 50, NAV, Arch Capital Group, Blackstone, Self-service, Insurance, J. P. Morgan, Bank of Saint Lucia, Acquisition, ACV, Lloyd, LIBOR, Microsoft Management Console, Investment, ESG, Lloyd's of London, NEC Software Solutions, IDC, Emerging, Growth, Accounting, Software as a service, ARR, Riverstone International School, NYSE, EBITDA, Transamerica, Wellington Management Company, CRM, Video game, Bookkeeping, Cryptocurrency, Film industry, Publishing, EU

BOISE, Idaho, Nov. 1, 2023 /PRNewswire/ -- Clearwater Analytics Holdings, Inc. (NYSE: CWAN) ("Clearwater Analytics" or the "Company"), a leading provider of SaaS-based investment management, accounting, reporting, and analytics solutions, today announced its financial results for the quarter ended September 30, 2023.

Key Points: 
  • Record Quarterly Revenue of $94.7 Million, Up 24% Year-Over-Year
    Adjusted EBITDA of $28.6 Million, Up 51% Year-Over-Year
    BOISE, Idaho, Nov. 1, 2023 /PRNewswire/ -- Clearwater Analytics Holdings, Inc. (NYSE: CWAN) ("Clearwater Analytics" or the "Company"), a leading provider of SaaS-based investment management, accounting, reporting, and analytics solutions, today announced its financial results for the quarter ended September 30, 2023.
  • Revenue: Total revenue for the third quarter of 2023 was $94.7 million, an increase of 23.7%, from $76.6 million in the third quarter of 2022.
  • Gross Profit: Gross profit for the third quarter of 2023 increased to $67.7 million, compared with $53.8 million in the third quarter of 2022.
  • In addition, Clearwater Analytics was named to the IDC FinTech Rankings 2023 in the Top 50 and the Emerging FinTech lists.

Reserv Raises $20M Series A Co-Led By Altai Ventures and Bain Capital Ventures (BCV) to Accelerate Already-Rapid Growth

Retrieved on: 
Mardi, octobre 3, 2023
Insurance, Software as a service, LLM, Policy, BCV, Arch Capital Group, Mga offensive, Data analysis, Anthemis, Anomaly, ARR, Bain Capital Ventures, AXIS Capital, MGA, Growth, AI, TPA, Airline, Cryptocurrency, Computer reservation system

NEW YORK, Oct. 3, 2023 /PRNewswire-PRWeb/ -- Reserv, the leader in AI-driven insurance claims processing, announced today the close of its $20M Series A round of financing to expand its generative AI claims data analysis tools. This latest funding round was co-led by Altai Ventures and Bain Capital Ventures (BCV) with participation from 8VC, Outpost Ventures, Convex Group, AXIS Capital, Anthemis Ventures and Arch Capital Group. With Reserv, customers are seeing a sustained reduction in cycle times for property claims and auto claims in the magnitude of 1.6x to 2.6x, and this funding will enable the company to extend these results to additional customers.

Key Points: 
  • This latest funding round was co-led by Altai Ventures and Bain Capital Ventures (BCV) with participation from 8VC, Outpost Ventures, Convex Group, AXIS Capital, Anthemis Ventures and Arch Capital Group.
  • Reserv helps managing general agents (MGAs) and insurance carriers improve claims handling and increase data availability for greater efficiency and accuracy.
  • "It is hard for an insurtech startup to build a modern TPA from scratch," said Oleg Ilichev, Managing Partner at Altai Ventures.
  • Reserv is licensed and live across the US and the UK for all non-workers compensation property and casualty claims.

Clearwater Analytics Announces the Winners of its Customer Awards Program

Retrieved on: 
Mercredi, septembre 20, 2023
Clearwater Analytics, Software as a service, Service provider, Accounting, Arch Capital Group, AUM, Risk, Growth, Donor managed investment account, Principal, NYSE, Sales

BOISE, Idaho, Sept. 20, 2023 /PRNewswire/ -- Clearwater Analytics (NYSE: CWAN), a leading provider of SaaS-based investment management, accounting, reporting, and analytics solutions, today announced the winners of its Client Awards at Clearwater Connect 2023. Clearwater's Client Awards highlight individuals, teams, and firms that have achieved growth, operational excellence, transformations and more with Clearwater's award-winning investment accounting platform.

Key Points: 
  • BOISE, Idaho, Sept. 20, 2023 /PRNewswire/ -- Clearwater Analytics (NYSE: CWAN), a leading provider of SaaS-based investment management, accounting, reporting, and analytics solutions, today announced the winners of its Client Awards at Clearwater Connect 2023.
  • Clearwater's Client Awards highlight individuals, teams, and firms that have achieved growth, operational excellence, transformations and more with Clearwater's award-winning investment accounting platform.
  • The winners of this year's Clearwater Connect 2023 Client Awards are:
    Clearwater is recognizing these individuals for their expert-level knowledge using Clearwater's technology.
  • Clearwater is honoring these firms for driving successful solutions to market while enabling clients to scale and grow quickly.

NOW Insurance Receives Funding from Arch Capital Group Ltd. to Accelerate Growth

Retrieved on: 
Mardi, août 22, 2023
Finance, Professional Services, Technology, Insurance, Software, Arch Capital Group, Partnership, Physician, Innovation, Fintech, Arch, NOW

NOW Insurance, a full-stack, AI-enabled commercial insurance platform specializing in medical professional liability coverage, announced today an investment from a subsidiary of Arch Capital Group Ltd. and a managing general agent partnership with Arch Insurance North America.

Key Points: 
  • NOW Insurance, a full-stack, AI-enabled commercial insurance platform specializing in medical professional liability coverage, announced today an investment from a subsidiary of Arch Capital Group Ltd. and a managing general agent partnership with Arch Insurance North America.
  • Proceeds from the latest capital raise will be used for launching its new suite of medical malpractice products, scaling their platform, and expanding distribution networks.
  • Brokers will soon be able to submit and bind medical malpractice coverage online for physicians.
  • “I am very excited to further strengthen our partnership with Arch.

Freya Pharma Solutions appoints Nicole Hijnen as President of the Board, overseeing the company's upcoming clinical development program with Lybrido™ against FSIAD

Retrieved on: 
Jeudi, février 2, 2023
Science, VCS, Woman, Biomedicine, Arch Capital Group, Paraphilia, Clinical trial, Biomedical engineering, EMA, Health, Food, Arousal, European Medicines Agency, Female, Association of British HealthTech Industries, Venture capital, Business Leaders for Michigan, Philips, FDA, Institutional review board, Quality of life, Femtech, Doctor of Philosophy, Pharmaceutical industry, Freyja, EU

Her appointment comes in a year where Freya is rolling out its final clinical development program, starting with the confirmatory ALETTA clinical trial with Lybrido™ in premenopausal women with acquired FSIAD.

Key Points: 
  • Her appointment comes in a year where Freya is rolling out its final clinical development program, starting with the confirmatory ALETTA clinical trial with Lybrido™ in premenopausal women with acquired FSIAD.
  • Marcel Wijma, CEO at Freya Pharma Solutions said:
    "We are very pleased to have Nicole join Freya as President of our Board as we are on the brink of commencing our confirmatory clinical trial with our promising compound Lybrido™ against FSIAD.
  • She brings exactly the right blend of academic and operational healthtech experience to help guide Freya to the next phase.
  • Nicole Hijnen, PhD, new President of Freya's Board, commented:
    "I am excited to be joining Freya as President of the Board.