Arch Insurance (UK) Limited – or what used to be known as Arch Insurance Company (Europe) – is on a roll.
The London-based enterprise, which is part of Arch Insurance International, has seen another purchase cross the finish line. Earlier this month its swoop for Axiom Underwriting was finalised; now the deal to snap up Obelisk Underwriting has been sealed.
Generating approximately £5 million in gross written premium last year, the specialist underwriting agency brings two offices and its team to the growing Arch UK regional division. The latter specialises in commercial property, casualty, motor, professional liability, personal accident, and travel.
“We are delighted to be joining the Arch UK regional team at such an exciting time,” commented Perry Askew, who has served as director at Obelisk for a decade.
“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.”
Commenting on the latest transaction, financial terms of which were not disclosed, Arch UK regional division chief executive Steve Bashford (pictured) stated: “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.”
Back in January Arch completed its acquisition of The Ardonagh Group’s UK commercial lines business and part of its Geo Underwriting operating segment.