Arch Capital Group announced on Monday that the domestication of its Canadian insurance and reinsurance operations had been completed. Arch Insurance Canada, the new operating subsidiary, has been responsible for writing all of Arch’s business in that region since the 1st of January, 2013. Arch has been operating through a US affiliate in Canada since 2005; the new entity will write similar lines, with the addition of title insurance.
Arch Canada is moving forward with a Standard & Poor’s financial strength rating of A+ and a stable outlook. According to David McElroy, chairman and CEO of Arch Worldwide Insurance Group, “the current change in structure marks a commitment to the Canadian insurance marketplace and positions the new entity with a solid foundation for further growth and product expansion.”