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Assured Guaranty paid $160mn in cash for the alternative asset management firm which has $18.9bn in assets under management.
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Bold Penguin has raised $32mn from a series B funding round.
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Michael Halsband was formerly a partner at Drinker Biddle & Reath.
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José Manuel González will lead the combined business as CEO.
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The deal announced in May takes the reinsurer’s ILS assets to $2.1bn.
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M&A activity has made analysing structural conflicts in ILS platforms harder but winners may be those that offer a range of means of access to risk, consultants say.
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Do we need new labels for the different types of ILS managers that exist?
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The MGU will be integrated into the Arch platform, enabling third-party capital to provide capacity alongside Arch’s product offerings.
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Just two percent of the insurer’s portfolio has exposure to US risk.
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The insurer said it was looking forward to expanding Barbican’s relationships with third-party capital.
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BlueOrchard manages the InsuResilience Investment Fund which provides access to insurance in the developing world.
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The firm was previously reported as being in the process of tapping the ILS market for capital to support its underwriting portfolio.