Law360, London (November 22, 2019, 2:48 PM GMT) -- Arch Re will buy the renewal rights of Aspen Re’s credit and surety reinsurance business for an undisclosed amount of money, the companies said Friday as Aspen looks to streamline its products.
Bermuda-based Arch has extended employment offers to Aspen Re’s Zurich-based credit and surety reinsurance team, although the company did not say how many staff are affected.
Aspen Re said it was planning to exit the credit and surety insurance business —which typically offers protection against the risk of a customer or a contractor falling into insolvency — to create a “more simple and focused reinsurance business.”
“This agreement with Arch...
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