A multibillion-pound Bermuda insurance company has acquired a Bristol-based business through one of its subsidiaries.
Arch Capital's Arch Reinsurance (Arch Re) has bought up Somerset Bridge Group, which is based at Cribbs Causeway, for an undisclosed sum.
Arch Re originally announced its plan to acquire the firm in June.
“We are pleased to complete this transaction,” said William Soares, head of specialty for Arch Re.
“Clients will continue to benefit from Somerset’s quality insurance solutions and customer service, which are now backed by the financial strength and innovation of Arch Capital Group.
“I want to thank the teams on all sides for their dedication to successfully completing this acquisition.
Somerset Bridge Group is behind claims handling service and managing general agent Somerset Bridge and insurance broker Somerset Bridge Insurance Services.
In July, Somerset Bridge posted losses of 42m for the full year 2020, but its Ebitda - a metric used to evaluate a company's operating performance - hit £18.4m, from a previous loss of £7.5m.
Arch Re specialises in the property and casualty reinsurance marketplace. Its owner, Arch Capital, is a publicly listed Bermuda exempted company with approximately $16.7bn (£12bn) in capital.
It provides insurance, reinsurance and mortgage insurance on a worldwide basis through its wholly owned subsidiaries.
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