Arch Insurance (UK) Ltd., part of Bermuda-based Arch Insurance International, has completed the acquisition of UK managing general agency Axiom Underwriting, having initially purchased a 60 percent share of the business in 2015.
Financial details of the deal were not disclosed.
Maidstone, England-based Axiom, which generated approximately £20 million (US$26.2 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, said Arch in a statement. Twenty Axiom employees will move to Arch as a result of the transaction.
The Axiom deal follows Arch’s Jan. 1, 2019 acquisition of the Ardonagh Group’s UK commercial lines business and its Geo Underwriting operating segment.
The acquisition of Axiom provides an additional office and another highly skilled and experienced team to the expanding Arch UK Regional Division, said Arch.
“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, headquartered in London. “We are excited to make it a fully integrated part of the expanding UK Regional presence that Arch is building.”
“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,” added Bashford.
Arch Insurance International includes Arch’s insurance operations in Europe, Bermuda and Australia. Business in the UK is written by Arch Insurance (UK) Ltd. or Arch Underwriting at Lloyd’s Ltd. on behalf of Lloyd’s syndicate 2012.
Source: Arch Insurance (UK) Ltd.
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