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Arch Capital Group Ltd. (Nasdaq: ACGL) today announces the completion of the domestication of its Canadian insurance and reinsurance operations under a new legal entity named Arch Insurance Canada Ltd. (Arch Canada).
Arch Canada, domiciled in Toronto, Ontario has been operating in Canada as a Canadian branch of Arch Insurance Company (a U.S. affiliate) since 2005. Effective January 1, 2013, Arch Canada commenced writing business in Canada through a new Canadian operating subsidiary. The business written by Arch Canada will be similar to that written by the former Canadian branch since 2005, with the addition of title insurance.
Arch Canada is licensed in all Canadian provinces and territories, with its headquarters located in Toronto and branch offices in Montreal and Vancouver. Arch Title, a division of Arch Canada, has its offices in Calgary. The Canadian operations of Arch have experienced disciplined growth in premium and product offerings within Canada over the last four years as Arch built up its Canadian-based staff and operations. David McElroy, Chairman and Chief Executive Officer of Arch Worldwide Insurance Group, commented: “The current change in structure marks a commitment to the Canadian insurance marketplace and positions the new entity with a solid foundation for further growth and product expansion.”
Arch Canada has received a financial strength rating from Standard & Poor’s Rating Services of ‘A+’ with an Outlook of Stable. Arch Insurance Canada Ltd. is licensed pursuant to Section 22 of the Insurance Companies Act of Canada.
Arch Capital Group Ltd., a Bermuda-based company with approximately $5.75 billion in capital at September 30, 2012, provides insurance and reinsurance on a worldwide basis through its wholly-owned subsidiaries.
Cautionary Note Regarding Forward Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward−looking statements. This release or any other written or oral statements made by or on behalf of Arch Capital Group Ltd. and its subsidiaries may include forward−looking statements, which reflect our current views with respect to future events and financial performance. All statements other than statements of historical fact included in or incorporated by reference in this release are forward−looking statements.