Some subsidiaries of Arch Capital Group have finalized some changes to the European operations as part of the company’s broader Brexit plans.
Arch Insurance EU (formerly Arch Mortgage Insurance), won authorization from regulators in Ireland to expand the classes of business it writes in the European Union and European Economic Area. As of March 29, Arch Insurance EU will underwrite P&C, Motor and other business lines in the EU/EEA in addition to its current mortgage insurance business.
In a related move, 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 as is 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 keeps headquarters in Dublin and will add 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.
Arch executives said that the changes would allow for a smooth Brexit transition, and for Arch and its divisions to continue serving clients well in Europe.
Source: Arch Capital Group