Arch Insurance (UK) Limited, part of Arch Insurance International, has completed the acquisition of Axiom Underwriting, having initially purchased a 60% share in the business in 2015.
The acquired business, which generated approximately £20 million of gross written premium in 2018, will become part of the recently formed Arch UK Regional Division, focused on commercial property, casualty, motor, professional liability, personal accident and travel. Twenty employees will move to Arch as a result of the transaction.
Following Arch’s acquisition of the UK commercial lines business owned by the Ardonagh Group and part of its Geo Underwriting operating segment on 1 January 2019, the completion of the Axiom acquisition adds an additional office and another highly skilled and experienced team to the expanding Arch UK Regional Division. Arch Insurance International is committed to growing its regional UK presence and delivering underwriting expertise and a strong customer value proposition through the expanded retail distribution network.
“We are pleased to announce the completion of the acquisition of the remaining shares in Axiom, which was the origin of Arch’s decision to become more visible in the UK Regional markets,” said Steve Bashford, Chief Executive Officer of the Arch UK Regional Division. “We are excited to make it a fully integrated part of the expanding UK Regional presence that Arch is building.”
Mr. Bashford added, “The Axiom team has been led by Mike Bottle for 15 years and, having worked alongside Mike for the last five years, we are delighted to not only welcome his team into Arch but also to see him assume a senior role in the UK Regional Division as SVP and Head of Strategy and Distribution.”