Arch Insurance (UK), a subsidiary of Arch Insurance International, has acquired UK-based underwriting agency Obelisk Underwriting for an undisclosed amount.
Image: Arch Insurance acquires Obelisk UnderwritingPhoto: Courtesy of Philippe Ramakers/FreeImages.com.
Obelisk Underwriting, which earned nearly £5m in gross written premium (GWP) last year, will become part of Arch UK Regional Division, which focuses on commercial property, casualty, motor, professional liability, personal accident and travel business.
Arch UK Regional Division CEO Steve Bashford said: “Obelisk has been known to us through close association with Axiom and we are pleased to welcome the team into the UK Regional Division at Arch.
“Operating from existing locations in Leicester and Sheffield, the team will continue to deliver a comprehensive range of Property and Liability products to their existing brokers while introducing a number of new specialist lines including Professional Indemnity, Cyber, Personal Accident and Terrorism.”
Additional employees are expected to join Arch Insurance after the deal and it supports the company’s commitment to expanding its presence in the UK. The deal comes shortly after the acquisition of Axiom Underwriting.
The Obelisk deal adds two new offices to Arch Insurance – in Leicester and Sheffield in the UK.
Obelisk Underwriting team director Perry Askew said: “Arch’s investment plans in the e-commerce environment plus its commitment to providing experienced and empowered underwriters in the regions makes this a perfect home for the team.”
Earlier this month, the company had closed the acquisition of Axiom Underwriting. It initially bought acquired 60% stake in 2015. As part of the deal, 20 employees of Axiom will now join the company.
Last year, Axiom is claimed to have generated £20m in gross written premium and will be part of Arch UK Regional Division.
In January, the company acquired the UK commercial lines business owned by the Ardonagh Group and part of its Geo Underwriting operating segment. The acquisition of Axiom adds an additional office and a skilled and experienced team to Arch Insurance.
Arch Insurance International is a provider of specialised property and liability insurance programmes to several industrial and commercial companies and financial institutions.