Arch Insurance North America has revealed that it has entered into a definitive agreement to acquire Ventus Risk Management.
Ventus, founded in 2016, is a technology and analytics-driven managing general underwriter that specializes in offering coastal commercial property insurance solutions to small and mid-sized businesses. The firm utilizes proprietary technology to improve automation, efficiency and risk selection.
“Ventus is an insurtech company that has successfully deployed its offerings to support its underwriters, deliver best-in-class analytics and modeling capabilities and provide a superior customer experience,” said Arch Insurance North America CEO Matt Shulman.
Shulman also commented that Ventus’s capabilities, combined with Arch’s large E&S property portfolio and multiple relationships, will bring enhanced value to the company’s wholesale distribution partners.
“Arch is known for innovative structures that allow third-party capital to access insurance and reinsurance risks behind its strong underwriting expertise. The combined platform will bring broader capabilities and expanded capacity to Arch’s E&S property unit,” added Ventus co-founder Stuart Mercer.
Upon close of the sale, Mercer will become CEO of Ventus, a release said.