A subsidiary of Bermudian-based Arch Capital Group Ltd has completed a major deal.

Arch Insurance North America has closed the acquisition of the US MidCorp and Entertainment insurance businesses from Allianz.

The company said nearly 500 former Allianz MidCorp and Entertainment employees have joined Arch and will provide continuity to clients and brokers as Arch Insurance focuses on growing its middle-market offerings.

The new Arch MidCorp and Entertainment businesses will report to Mark Lange in the recently created role of chief middle market executive. Mr Lange previously served as chief strategy officer for Arch Insurance North America.

“We are thrilled to welcome these talented individuals to Arch and look forward to earning the trust of their existing clients and distribution partners,” said Matt Shulman, CEO for Arch Insurance North America.

Mr Lange added: “I’m looking forward to working with this talented and experienced team to help build out Arch’s middle-market platform.

“One of our guiding principles throughout this transaction has been to emphasise continuity and to maintain a customer-centric mindset, and I know we’re all ready to hit the ground running.”

Goldman Sachs & Co LLC and JP Morgan Securities LLC acted as financial advisers to Arch, and Willkie Farr & Gallagher LLP served as the company’s legal adviser.