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Arch Insurance North America, a unit of Bermuda-based Arch Capital Ltd., said Thursday it has entered into a definitive agreement to acquire Ventus Risk Management, an insurtech managing general underwriter that specializes in coastal commercial property for small and midsize enterprises.
Terms of the deal for Ventus, which was founded in 2016 and has offices in Atlanta, Columbia, South Carolina, Houston and Richmond, Virginia, were not disclosed.
Co-founder Stuart Mercer will become CEO upon the close of the sale, Arch said in its statement, while co-founder George Reeth has announced his retirement with the company’s sale.
In 2016, XL Catlin and Ventus said they had teamed up to offer commercial property insurance to small and midsize enterprises.
Insurer XL Catlin and managing general underwriter Ventus Risk Management have teamed up to offer commercial property insurance to small and mid-sized enterprises, reported Artemis.bm.