The Bermuda-based Arch Capital Group announced that the Company has received approval in principle from the Lloyd’s Franchise Board and the Financial Services Authority (FSA) to establish a new managing agent and syndicate at Lloyd’s. It is expected to begin underwriting during the first half of 2009, subject to obtaining requisite approvals
Arch said the new syndicate would “enhance the Company’s underwriting platform by providing the Company with access to Lloyd’s extensive distribution network and worldwide licenses. Management for the new managing agent will be provided by the Company’s existing senior team located in London, and the syndicate will be supported by a corporate member that is wholly owned by the Company.”
Arch also announced that it recently established Arch Reinsurance Europe Underwriting Ltd. (Arch Re Europe), based in Dublin, Ireland, and its branch office located in Zurich, Switzerland.
“Arch Re Europe will complement the existing property and casualty treaty capabilities within the Company’s reinsurance group, while providing greater accessibility to brokers in Europe,” said the bulletin. “Under the recent European Union (EU) Reinsurance Directive, Arch Re Europe will be able to operate in all EU member states under a single regulatory framework. Arch Re Europe has been rated “A” (Strong) by Standard & Poor’s.”
Source: Arch Capital Group – http://www.archcapgroup.bm
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