Arch Capital Group Ltd.(ACGL), the holding company which operates Risk Capital Reinsurance Company, announced that it plans to move from Greenwich, Connecticut to Bermuda.
ACGL filed the necessary registration statements and proxy forms with the SEC after the company’s Board of Directors unanimously approved the change of domicile. Institutional investors hold the majority of ACGL shares and can be expected to be in favor of the establishment of the Bermuda holding company.
Risk Capital Re, a p/c reinsurer, recently reported a 29 percent drop in revenues for the 1st half of the year due to a reduction in net premiums written; however the company’s net income rose to $3.3 million in the same period vs. a loss of $8.7 million in 1999, as claims also fell.
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