Arch Insurance (UK) Limited (“Arch”), part of Arch Insurance International, has completed its acquisition of Axiom Underwriting, having initially purchased a 60 percent 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.
In a statement, Arch said that 20 employees will move to Arch as a result of the transaction.
Following Arch's acquisition of the U.K. commercial lines business owned by the Ardonagh Group and part of its Geo Underwriting operating segment on January 1, 2019, the completion of the Axiom acquisition adds an additional office and another team to the expanding Arch UK Regional Division.
Arch said that it is committed to growing its regional U.K. 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 U.K. 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.”
Arch Insurance International includes Arch's insurance operations in Europe, Bermuda, and Australia.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].