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.