Arch hires portfolio manager for ILS
Arch profits up 219.1% in Q1 2019
Arch Insurance North America, a subsidiary of Bermuda-based Arch Capital, has announced it has entered into a definitive agreement to acquire Ventus Risk Management, a technology and analytics-driven managing general underwriter that specialises in providing coastal commercial property insurance solutions to small and mid-sized enterprises.
Ventus was founded in 2016, with the aim of using its proprietary technology to improve automation, efficiency and risk selection. Ventus has become a trusted MGU for its capacity providers and a respected business partner for its producing brokers. Going forward, integrating Ventus into the Arch platform will enable third-party capital to provide capacity alongside Arch’s product offerings.
“Ventus is an insurtech company that has successfully deployed its offerings to support its underwriters, deliver best-in-class analytics and modeling capabilities and provide a superior customer experience,” said Matt Shulman, CEO of Arch Insurance North America. “When combined with the scale of our E&S property portfolio and breadth of our relationships, we will bring enhanced value to our wholesale distribution partners.”
“I’m incredibly proud of what we’ve built at Ventus,” said George Reeth, a Ventus co-founder who has announced his retirement with the sale of the company. “By joining the Arch family, our employees will have access to a depth of resources that will allow them to continue to bring robust, creative solutions to the market and develop professionally.”
Co-founder Stuart Mercer, who will become the CEO of Ventus upon the close of the sale, added, “Arch is known for innovative structures that allow third-party capital to access insurance and reinsurance risks behind its strong underwriting expertise. The combined platform will bring broader capabilities and expanded capacity to Arch’s E&S property unit. I’m excited to continue to bring technology driven solutions to the marketplace when our producers and customers need it the most.”
Arch Insurance, M&A, Ventus, MGU