Arch Insurance Company (Europe) Ltd, a subsidiary of Arch Capital Group Ltd, is to commence underwriting commercial business in the UK, following approval by the Financial Services Authority (FSA).
Arch Europe will now be writing a range of commercial lines from its London office, including onshore and offshore energy, executive assurance and constructions risks. Commercial property, marine and casualty lines are planned.
Commenting on the announcement, Robert Van Gieson, President and CEO of Arch Europe, said: "Arch Europe represents a new breed of insurer now emerging in the UK general insurance market. Unlike many of our longer established competitors, Arch Europe has no long-tail liabilities and no historic book of business. Our capital is free of legacy.
"Since the commencement of its underwriting initiatives in late 2001, Arch has become a significant participant in the worldwide insurance and reinsurance marketplace from platforms located in Bermuda and the US. Our objective in launching in London is to create a third platform from which brokers can access Arch in the heart of the most dynamic insurance market in the world, and for as long as business is being transacted here, Arch plans to be a part of it.
"With our operation now FSA licensed, we will implement a similar strategy to our Bermuda and US affiliates - underwriting excellence, skilled senior practitioners focusing on underwriting profit and expense efficiency. Being a new market in London, we are prepared to earn our position on slips, with the goal of leading business over time."
