Willkie Farr & Gallagher LLP
04/25/2024 | News release | Distributed by Public on 04/25/2024 15:21
Willkie Advises Arch Insurance North America on Acquisition of Allianz’s U.S. MidCorp and Entertainment Insurance Businesses
Willkie Advises Arch Insurance North America on Acquisition of Allianz's U.S. MidCorp and Entertainment Insurance Businesses
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April 25, 2024
Willkie advised Arch Insurance North America, part of Arch Capital Group Ltd. (Nasdaq: ACGL), on its $450 million acquisition of the U.S. middle-market commercial lines (MidCorp) and Entertainment insurance businesses, including select specialty insurance programs, from Allianz Global Corporate & Specialty SE.
On April 5, Arch Insurance announced that it entered into a master transaction agreement to acquire the Allianz businesses for $450 million in cash, furthering its expansion into the middle-market property and casualty segment, an area of targeted growth for Arch Insurance.
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 transaction is expected to close in the second half of 2024, subject to customary regulatory approvals.
Arch Capital Group Ltd. is a publicly listed Bermuda exempted company with approximately $21.1 billion in capital at Dec. 31, 2023. Arch, which is part of the S&P 500 Index, provides insurance, reinsurance and mortgage insurance on a worldwide basis through its wholly owned subsidiaries.
The Willkie deal team was led by partners Laura Delanoy, Michael G. Stern, Thomas Cerabino, Alexander Dye and Justin Sommerkamp and included partner David Heales and associate Christian Truman.
On April 5, Arch Insurance announced that it entered into a master transaction agreement to acquire the Allianz businesses for $450 million in cash, furthering its expansion into the middle-market property and casualty segment, an area of targeted growth for Arch Insurance.
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 transaction is expected to close in the second half of 2024, subject to customary regulatory approvals.
Arch Capital Group Ltd. is a publicly listed Bermuda exempted company with approximately $21.1 billion in capital at Dec. 31, 2023. Arch, which is part of the S&P 500 Index, provides insurance, reinsurance and mortgage insurance on a worldwide basis through its wholly owned subsidiaries.
The Willkie deal team was led by partners Laura Delanoy, Michael G. Stern, Thomas Cerabino, Alexander Dye and Justin Sommerkamp and included partner David Heales and associate Christian Truman.
Michael G. Stern PartnerInsurance - Transactional and Regulatory
New York [email protected] +1 212 728 8226
Thomas M. Cerabino ChairmanCorporate & Financial Services
New York [email protected] +1 212 728 8208
Alexander M. Dye PartnerInsurance - Transactional and Regulatory
New York [email protected] +1 212 728 8642
Justin J. Sommerkamp PartnerCorporate & Financial Services
New York [email protected] +1 212 728 8947
Christian A. Truman AssociateCorporate & Financial Services
Houston [email protected] +1 713 510 1772