Arch Insurance Europe Acquires the UK Commercial Lines Business of The Ardonagh Group
Arch Insurance Europe (“Arch”) has announced the purchase of the UK Commercial Lines business owned by The Ardonagh Group and part of its Geo Underwriting (“Geo”) operating segment.
As a large and diversified international insurance group, Arch has a strategy to grow its regional UK presence and deliver underwriting expertise and a strong customer value proposition through an expanded retail distribution network.
The acquisition will give Arch a meaningful presence and an extended office network across the UK that will complement its existing London Market business that is focused on wholesale distribution and delegated authority business.
The transaction is an asset-only deal that includes the renewal rights for Fusion, Arista and Towergate Commercial Underwriting, generating more than £150m of Gross Written Premium in 2017 and focused on writing commercial property, casualty, motor, professional liability, personal accident and travel. Approximately 250 employees will move to Arch as a result of the transaction.
There is minimal overlap with the existing Arch business written in the UK and this transaction provides Arch with access to a leading regional distribution network as a key part of its strategy to build a scalable regional footprint across the UK and Europe, through which it can deliver a broad range of class leading specialty SME (Small and Medium Enterprise) products to its broker partners.
Matt Shulman, President and CEO, Arch Insurance Europe, commented:
“We have a clearly stated strategy to build out our distribution capabilities across the UK and Europe and the acquisition of Geo’s commercial lines business represents an important step in this process, building upon the success of the earlier acquisition of Axiom Underwriting.”
Mr. Shulman added, “By expanding our regional presence with the addition of nine offices we immediately gain scale and presence in our target markets and we can deliver a broader range of specialist insurance solutions through a network of over 2,000 brokers. We are gaining a well-respected and highly experienced team of underwriting and distribution professionals who are perfectly placed to help us build a significant and sustainable business that can meet the growing needs of its clients.
“We look forward to welcoming the new team to Arch. Our balance sheet strength and underwriting track record make us a natural home for them, and we are excited about taking the businesses forward together, under the Arch banner.”
David Ross, CEO of The Ardonagh Group, added:
“In Arch, our general commercial MGA has found a perfect home and will thrive as part of a blue-chip insurer firmly focused on growth and committed to serving UK brokers. Today's news is a testament to all the work done to improve the commercial underwriting brands over the last 18 months and a credit to the dedication of the teams that will join Arch.”
About Arch Insurance Europe
Arch Insurance Europe underwrites specialty lines business through two platforms from its base in London:
- Arch Insurance Company (Europe) Limited: Through independent brokers, we provide specialised property and liability insurance programmes to a wide range of industrial and commercial companies and financial institutions. With strong financial strength ratings, we represent a stable alternative for brokers and customers.
- Arch Syndicate 2012: Arch Syndicate 2012 is managed by Arch Underwriting at Lloyd’s Ltd, a Lloyd’s managing agent. Our stamp capacity is £200 million for the 2018 year of account.
About Arch Capital Group Ltd.
Arch Capital Group Ltd., a Bermuda-based company with approximately $11.21 billion in capital at September 30, 2018, provides insurance, reinsurance and mortgage insurance on a worldwide basis through its wholly owned subsidiaries.
Cautionary Note Regarding Forward-looking Statements
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward−looking statements. This release or any other written or oral statements made by or on behalf of Arch Capital Group Ltd. and its subsidiaries may include forward−looking statements, which reflect our current views with respect to future events and financial performance. All statements other than statements of historical fact included in or incorporated by reference in this release are forward−looking statements.
Forward−looking statements can generally be identified by the use of forward−looking terminology such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe" or "continue" or their negative or variations or similar terminology. Forward−looking statements involve our current assessment of risks and uncertainties. Actual events and results may differ materially from those expressed or implied in these statements. A non-exclusive list of the important factors that could cause actual results to differ materially from those in such forward-looking statements includes the following: adverse general economic and market conditions; increased competition; pricing and policy term trends; fluctuations in the actions of rating agencies and our ability to maintain and improve our ratings; investment performance; the loss of key personnel; the adequacy of our loss reserves, severity and/or frequency of losses, greater than expected loss ratios and adverse development on claim and/or claim expense liabilities; greater frequency or severity of unpredictable natural and man-made catastrophic events; the impact of acts of terrorism and acts of war; changes in regulations and/or tax laws in the United States or elsewhere; our ability to successfully integrate, establish and maintain operating procedures as well as integrate the businesses we have acquired or may acquire into the existing operations; changes in accounting principles or policies; material differences between actual and expected assessments for guaranty funds and mandatory pooling arrangements; availability and cost to us of reinsurance to manage our gross and net exposures; the failure of others to meet their obligations to us; and other factors identified in our filings with the U.S. Securities and Exchange Commission.
The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with other cautionary statements that are included herein or elsewhere. All subsequent written and oral forward−looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. We undertake no obligation to publicly update or revise any forward−looking statement, whether as a result of new information, future events or otherwise.
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Tilaa tiedotteet sähköpostiisi
Haluatko tietää asioista ensimmäisten joukossa? Kun tilaat mediatiedotteemme, saat ne sähköpostiisi välittömästi julkaisuhetkellä. Tilauksen voit halutessasi perua milloin tahansa.
Lue lisää julkaisijalta Business Wire
Aptorum Group’s Smart Pharma announces launch of its asset backed Smart Pharma token (SMPT), supported by its computational repurposed drug discovery platform Smart-ACT™24.4.2019 11:30:00 EEST | Tiedote
Aptorum Group Limited (Nasdaq:APM) is excited to announce the launch and issuance of its asset backed Smart Pharma Token (“SMPT”) by its wholly owned subsidiary group, Smart Pharma group and Smart Pharmaceutical Limited Partnership (“SPLP”) targeted in May 2019. SPLP is extremely pleased to have jointly developed the SMPT token with Aenco, an affiliated blockchain development company focused on applications in the healthcare and financial sector. The SMPT token, an ERC-1404 security compliant token, is a unique token that tokenizes valuable pharmaceutical drugs and their underlying intellectual property and associated allocation of cash flows induced by continual product development and commercialization. It is the intention of the Smart Pharma group to continue to incorporate Aenco’s blockchain technology into its pharmaceutical development and commercialization processes. Relying on intellectual property derived from the Smart-ACT™ platform, Smart Pharma’s in-house new and repurposed
Aptorum Group Establishes Smart Pharma to Focus on Computational Repurposed Drug Discovery for Orphan and Unmet Diseases24.4.2019 11:30:00 EEST | Tiedote
Aptorum Group Limited (Nasdaq: APM) today announced the establishment of a new subsidiary group, Smart Pharma (“SmartP”), which operates its novel computational repurposed drug discovery, modeling and validation platform, together referred to as the “Smart-ACTTM” platform. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190424005095/en/ (Photo: Business Wire) Smart-ACTTM stands for Accelerated Commercialization of Therapeutics and encompasses state-of-the-art technology in systematic screening of existing approved drug molecules against selected therapeutic targets. Specifically, the Smart-ACTTM platform comprises of a network of modules and processes that simulate the effectiveness of drug molecules against diseases for outcome prediction and selection. The Smart-ACTTM platform will initially focus on the screening drug molecules for orphan diseases or unmet medical needs. To date, SmartP has, under the recently established
Aptorum Group Limited Announces Repurchase of USD13,500,000 Outstanding Convertible Bonds Due 201924.4.2019 11:15:00 EEST | Tiedote
Aptorum Group Limited (NASDAQ: APM) (“Aptorum” or the “Company”), a pharmaceutical company focused on the development and commercialization of therapeutic and diagnostic technologies to tackle unmet medical needs, announced today that the Company, in a privately-negotiated transaction, repurchased all outstanding US$13,500,000 in aggregate principal amount of the 8.00 per cent. convertible bonds due 2019 (“Convertible Bonds”) from Peace Range Limited, a wholly owned subsidiary of Adamas Ping An Opportunities Fund LP, together with certain subscription right to subscribe up to the principal amount of the Bond at a US$12.17 (subject to adjustment) on or before December 17, 2019 (“Subscription Right”). The total consideration of the repurchase of the Convertible Bonds and the Subscription Right was US$13.6 million in cash, excluding accrued interest. The repurchase of the Convertible Bonds and Subscription Right was executed by Aptorum Investment Holding Limited, a wholly owned subsidiary
The Energy Efficient Mortgages Initiative is Defining the Future: a Greener Future24.4.2019 11:03:00 EEST | Tiedote
Today, the Energy Efficient Mortgages (EEM) Initiative is taking another important step toward its objective of delivering a standardised European framework and data collection architecture for energy efficient mortgages. The EEM Initiative is organising a series of high-profile EEM Initiative events in Riga, Latvia, gathering together relevant stakeholders from the financing and banking communities, property and construction sectors, as well as policymakers to discuss how to align market best practices and debate the next steps with a view to securing market development in relation to energy efficient mortgages, in line with the overall objectives of the Capital Markets Union (CMU). These events are being organised alongside the 29th ECBC Plenary Meeting, where the covered bond industry is celebrating another milestone in the form of the adoption of the Covered Bond Legislative Package (read more (link to be added) ). To recall, the objective of the Initiative is to stimulate and fina
Leading P&G Brands Including Pampers, Ariel and Herbal Essences Expand Leadership in Responsible Consumption24.4.2019 11:00:00 EEST | Tiedote
The Procter & Gamble Company (NYSE:PG) today detailed the roadmap and actions its leadership brands are taking to increase positive impact on society and the environment through its “Brand 2030” criteria. Today at the Sustainable Brands Paris conference, senior Company officials presented a forward-looking framework, including innovation strategies that will inspire and enable responsible consumption for the five billion consumers served by P&G each day. P&G leading brands including Pampers®, Ariel® and Herbal Essences® are progressing in adopting this framework with actions and commitments that will help accelerate sustainable lifestyles. “Consumers are no longer willing to compromise performance for living sustainably and they expect brands to take meaningful action in solving some of the most complex challenges facing the world,” said Marc Pritchard, P&G’s Chief Brand Officer. “This is why P&G is focused on reinventing marketing to use the reach and voice of our brands as a force fo
UNAOC and BMW Group Launch Search for Innovative Projects Promoting Intercultural Dialogue and Understanding24.4.2019 10:30:00 EEST | Tiedote
The United Nations Alliance of Civilizations (UNAOC) and the BMW Group launched the call for applications of the sixth edition of the Intercultural Innovation Award. Grassroots initiatives that encourage intercultural understanding through innovative methods, with the aim of alleviating identity-based conflicts around the world, are encouraged to apply online at interculturalinnovation.org. This year, the deadline for applications is 31 May, at 5:00 PM EDT. Following a competitive process, ten organizations will be selected to receive the Intercultural Innovation Award. Based on their needs, recipients will receive a monetary grant to help their projects expand and replicate (total funding available in 2019: USD 100,500). They will also benefit from a one-year mentoring program, which will include capacity-building training in a multitude of areas, from communications to fundraising and project management. Recipients of the Intercultural Innovation Award will also become members of Int
Uutishuoneessa voit lukea tiedotteitamme ja muuta julkaisemaamme materiaalia. Löydät sieltä niin yhteyshenkilöidemme tiedot kuin vapaasti julkaistavissa olevia kuvia ja videoita. Uutishuoneessa voit nähdä myös sosiaalisen median sisältöjä. Kaikki STT Infossa julkaistu materiaali on vapaasti median käytettävissä.Tutustu uutishuoneeseemme