Arch completes Axiom acquisition
A British subsidiary of Bermudian re/insurer Arch Capital has completed the acquisition of UK managing general agency Axiom Underwriting.
Arch Insurance (UK) Ltd had initially acquired a 60 per cent share of Axiom in 2015.
The terms of the deal for the remaining 40 per cent were not disclosed.
Axiom generated about £20 million ($26.2 million) of gross written premium in 2018.
It will become part of the recently formed Arch UK Regional Division, focused on commercial property, casualty, motor, professional liability, personal accident and travel, Arch stated. The transaction will involve 20 Axiom employees moving to Arch.
“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,” Steve Bashford, chief executive officer of the Arch UK Regional Division, said.
“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 senior vice-president and head of strategy and distribution,” Mr Bashford added.