Arch Capital sees Q2 2018 profits rise
Arch Capital subsidiary Arch Insurance Europe has completed its acquisition of the UK Commercial Lines business owned by The Ardonagh Group and part of its Geo Underwriting operating segment.
The new business, which generated more than £150 million of gross written premium in 2017, will become the newly formed Arch UK Regional Division. It will focus on commercial property, casualty, motor, professional liability, personal accident and travel. Approximately 250 employees will move to Arch as a result of the transaction.
According to the company the acquisition forms part of Arch’s strategy to grow its regional UK presence and deliver underwriting expertise and a strong customer value proposition through an expanded retail distribution network. The Arch UK Regional Division will have a meaningful presence and an extended office network across the UK.
Matt Shulman, President and CEO, Arch Insurance Europe, commented, “We are pleased to have completed the acquisition of Geo’s commercial lines business and are excited as we welcome another team of high-quality underwriting and distribution professionals to Arch.
“It is our ambition for the Arch UK Regional Division to become a leading underwriting partner for brokers and their small and medium enterprise (SME) clients across the UK. This is an important part of our broader strategy to establish a strong regional presence for Arch in the UK, allowing us to combine our underwriting expertise with the distribution needed to offer our specialist insurance solutions to a broader range of SME clients.”
Arch Capital, Arch Insurance Europe, acquisition