LONDON--(BUSINESS WIRE)--Arch Insurance (UK) Limited (“Arch”), part of Arch Insurance International, has completed the acquisition of Axiom Underwriting, having initially purchased a 60% share in the business in 2015.
The acquired business, which generated approximately £20 million of gross written premium in 2018, will become part of the recently formed Arch UK Regional Division, focused on commercial property, casualty, motor, professional liability, personal accident and travel. Twenty employees will move to Arch as a result of the transaction.
Following Arch’s acquisition of the UK commercial lines business owned by the Ardonagh Group and part of its Geo Underwriting operating segment on 1 January 2019, the completion of the Axiom acquisition adds an additional office and another highly skilled and experienced team to the expanding Arch UK Regional Division. Arch Insurance International is committed to growing its regional UK presence and delivering underwriting expertise and a strong customer value proposition through the expanded retail distribution network.
“We are pleased to announce the completion of the acquisition of the remaining shares in Axiom, which was the origin of Arch’s decision to become more visible in the UK Regional markets,” said Steve Bashford, Chief Executive Officer of the Arch UK Regional Division. “We are excited to make it a fully integrated part of the expanding UK Regional presence that Arch is building.”
Mr. Bashford added, “The Axiom team has been led by Mike Bottle for 15 years and, having worked alongside Mike for the last five years, we are delighted to not only welcome his team into Arch but also to see him assume a senior role in the UK Regional Division as SVP and Head of Strategy and Distribution.”
About Arch Insurance International
Arch Insurance International includes Arch’s insurance operations in Europe, Bermuda and Australia. We provide specialised property and liability insurance programmes to a wide range of industrial and commercial companies and financial institutions.
Business in the UK is written by Arch Insurance (UK) Limited or Arch Underwriting at Lloyd’s Limited on behalf of Lloyd’s syndicate 2012.
About Arch Capital Group Ltd.
Arch Capital Group Ltd., a Bermuda-based company with approximately $11.17 billion in capital at December 31, 2018, provides insurance, reinsurance and mortgage insurance on a worldwide basis through its wholly owned subsidiaries.
Cautionary Note Regarding Forward-looking Statements
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward−looking statements. This release or any other written or oral statements made by or on behalf of Arch Capital Group Ltd. and its subsidiaries may include forward−looking statements, which reflect our current views with respect to future events and financial performance. All statements other than statements of historical fact included in or incorporated by reference in this release are forward−looking statements.
Forward−looking statements can generally be identified by the use of forward−looking terminology such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe" or "continue" or their negative or variations or similar terminology. Forward−looking statements involve our current assessment of risks and uncertainties. Actual events and results may differ materially from those expressed or implied in these statements. A non-exclusive list of the important factors that could cause actual results to differ materially from those in such forward-looking statements includes the following: adverse general economic and market conditions; increased competition; pricing and policy term trends; fluctuations in the actions of rating agencies and our ability to maintain and improve our ratings; investment performance; the loss of key personnel; the adequacy of our loss reserves, severity and/or frequency of losses, greater than expected loss ratios and adverse development on claim and/or claim expense liabilities; greater frequency or severity of unpredictable natural and man-made catastrophic events; the impact of acts of terrorism and acts of war; changes in regulations and/or tax laws in the United States or elsewhere; our ability to successfully integrate, establish and maintain operating procedures as well as integrate the businesses we have acquired or may acquire into the existing operations; changes in accounting principles or policies; material differences between actual and expected assessments for guaranty funds and mandatory pooling arrangements; availability and cost to us of reinsurance to manage our gross and net exposures; the failure of others to meet their obligations to us; and other factors identified in our filings with the U.S. Securities and Exchange Commission.
The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with other cautionary statements that are included herein or elsewhere. All subsequent written and oral forward−looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. We undertake no obligation to publicly update or revise any forward−looking statement, whether as a result of new information, future events or otherwise.
