Following close of the transaction, Barbican will be consolidated into Arch’s insurance and reinsurance operations, while continuing to develop partnerships with third-party capital relationships, a release said. Castel will continue to be operated independently, but will receive financial support from Arch.
Arch’s deal to purchase Barbican was first announced in late July.
“We are excited to complete this transaction, which deepens Arch’s commitment to both Lloyd’s and the London market and provides our brokers and clients more access to Arch’s Insurance and Reinsurance platforms,” commented Arch Worldwide Insurance Group chairman and CEO Nicolas Papadopoulo.
