Arch Insurance Company (Europe) Limited, a subsidiary of Bermuda-based Arch Capital Group Ltd., announced that it has received approval from Lloyd’s to establish a new syndicate, which is slated to commence underwriting from mid-March this year for risks attaching from the first of April onwards.
“Syndicate 2012 (pseudonym ‘AAL’) will be managed by a newly created managing agent, Arch Underwriting at Lloyd’s Ltd, authorized by the Financial Services Authority, and supported by a newly formed corporate member,” said the bulletin. “Syndicate 2012 initially plans to write a composite portfolio comprised mainly of marine, personal accident, property and professional lines insurance.”
William Beveridge of Arch Insurance Europe has been appointed Active Underwriter of Syndicate 2012. James Weatherstone, President and CEO of Arch Insurance Europe, will serve as the CEO of the managing agent, and David Hipkin, Chief Underwriting Officer of Arch Insurance Europe, will also assume responsibility as Director of Underwriting of the managing agent.
Mark Lyons, Chairman of Arch Worldwide Insurance Group, commented: “The establishment of a Lloyd’s platform represents an important strategic addition to the Arch global distribution base. Because of its strong global brand, license base and extensive infrastructure Lloyd’s is uniquely positioned for the development of key international business as well as expansion into new and emerging markets.”
Arch also noted that the “international insurance investor and services provider Whittington Group has provided advisory and consultancy services to Arch to support the planning and implementation of both the managing agent and Syndicate 2012. Whittington will provide on-going outsource services to both entities.”
Source: Arch Capital Group – http://www.archcapgroup.bm
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