Arch Re set to take majority stake in Precision Marketing Asia Pacific
Arch Reinsurance (Arch Re) has agreed in principle to acquire a majority stake in Australian marketing solutions company Precision Marketing Asia Pacific (PMAP) for an undisclosed price.
Precision Marketing Asia Pacific offers marketing solutions driven by data to banks, insurance firms, health care organizations, and retailers in the Asia-Pacific region.
The closing of the deal is subject to receipt of regulatory and other approvals.
Through a combined value proposition, the deal is said to give Arch Re and also Precision Marketing Asia Pacific an amplified distribution scale for life and accident and health (A&H) products in the Asian market.
Maamoun Rajeh – Chairman and CEO of Arch Worldwide Reinsurance Group, said: “Acquiring Precision Marketing Asia Pacific aligns with our strategy of selectively pursuing diverse specialty markets where we can apply our knowledge and expertise.
“Precision Marketing is well known for its highly analytical approach to multichannel distribution and product design, and I believe that Arch Re will benefit from its platform as we look to increase our life and A&H presence in Japan and other Asia-Pacific markets.”
Arch Re, which is a fully-owned subsidiary of Bermuda-based Arch Capital Group, offers reinsurance to its clients across the world.
Keith Lowry – CEO of Precision Marketing Asia Pacific, said: “After many years operating as a private enterprise, the Board of Precision Marketing recognise the importance of increased growth capital to accelerate scale in the business and deliver greater value to our distribution partners in Japan.
“This investment by Arch Capital Group Ltd. will bring necessary financial resources to take the business to the next level.”