Arch Europe expands commercial lines with acquisition
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Arch Insurance Co. Europe Ltd. is buying the U.K. commercial lines business owned by Saint Helier, Jersey-based Ardonagh Group Ltd. and part of its Geo Underwriting operating segment, Arch announced Thursday.
London-based Arch Europe said in the statement that the transaction is an asset-only deal that includes the renewal rights for Fusion, Arista and Towergate Commercial Underwriting, generating more than £150 million ($192.4 million) of gross written premium in 2017 and focused on writing commercial property, casualty, motor, professional liability, personal accident and travel lines. The statement said about 250 Ardonagh employees will move to Arch as a result of the transaction.
“The acquisition will give Arch a meaningful presence and an extended office network across the U.K. that will complement its existing London market business that is focused on wholesale distribution and delegated authority business,” said Arch Europe in a statement announcing the transaction.
“We have a clearly stated strategy to build out our distribution capabilities across the U.K. and Europe, and the acquisition of Geo’s commercial lines business represents an important step in this process, building upon the success of the earlier acquisition of Axiom Underwriting,” said Matt Shulman, president and CEO of Arch Insurance Europe, in the statement.
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