Arch Insurance International and Arch MI today announced changes to their European operations as part of the Arch Brexit plan and other recent business initiatives.
Image: Arch makes European Brexit changes. Photo: Courtesy of Stuart Miles/FreeDigitalPhotos.net.
Notably, Arch Insurance (EU) dac (formerly Arch Mortgage Insurance dac), has received authorisation from the Central Bank of Ireland (CBI) to expand the classes of business it writes in the EU/EEA. With this authorisation, from 29 March 2019 Arch Insurance EU will commence underwriting P&C, Motor and other business lines in the EU/EEA in addition to its current mortgage insurance business.
Arch Insurance Company (Europe) Limited has also changed its name to Arch Insurance (UK) Limited. Arch Insurance UK, based in London, will continue to write a diverse portfolio of global specialty insurances in both the UK and other non-EU/EEA regions. The Arch UK Regional Division of Arch Insurance UK, which was formed in January 2019, will continue without change and focus on commercial property, casualty, motor, professional liability, personal accident and travel business through its extended office network across the UK. The Arch Lloyd’s underwriting platform also remains unchanged.
Arch Insurance EU retains its headquarters in Dublin and adds branch offices in the UK, Italy and Denmark. The Motor insurance business and other specialty lines will be conducted through its newly formed Alwyn Europe division.
Going forward, Arch Insurance UK and the P&C insurance operations of Arch Insurance EU fall under the Arch Insurance International banner. Arch Insurance International includes Arch’s insurance operations in Europe, Bermuda and Australia.
“The CBI authorisation enables Arch Insurance EU to provide a broad range of insurance products in Europe and to ensure a smooth Brexit transition,” said Soren Scheuer, President and CEO of Arch Insurance EU.
“These important changes mean that our European clients and policyholders will continue to be well-served by Arch Insurance EU,” added Hugh Sturgess, CEO of Arch Insurance International.
Source: Company Press Release