Arch Insurance (UK) Limited, a division of Arch Insurance International, has completed its takeover of specialist underwriting agency, Obelisk Underwriting.
Obelisk Underwriting produced around £5 million of gross written premium (GWP) in 2018, and will form part of Arch UK Regional Division, which is focused on commercial property, casualty, motor, professional liability, personal accident and travel business.
The acquisition of Obelisk Underwriting comes shortly after Arch’s acquisition of Axiom Underwriting, and adds a further two UK regional offices to Arch’s expanding UK Regional Division.
This latest transaction also sees additional employees join Arch, and supports Arch International’s commitment to expanding its regional presence in the UK.
The Chief Executive Officer (CEO) of the Arch UK Regional Division, Steve Bashford, said: “Obelisk has been known to us through close association with Axiom and we are pleased to welcome the team into the UK Regional Division at Arch.
“Operating from existing locations in Leicester and Sheffield, the team will continue to deliver a comprehensive range of Property and Liability products to their existing brokers while introducing a number of new specialist lines including Professional Indemnity, Cyber, Personal Accident and Terrorism.”
Perry Askew, Director of the Obelisk Underwriting team for the last decade, added: “We are delighted to be joining the Arch UK Regional team at such an exciting time. Arch’s investment plans in the e-commerce environment plus its commitment to providing experienced and empowered underwriters in the regions makes this a perfect home for the team.”