Arch Insurance International and Arch MI have announced some changes to their EU operations as part of their Brexit plan, including that Arch Insurance (EU) dac (formerly Arch Mortgage Insurance dac) has been authorised by the Central Bank of Ireland to expand the classes of business it writes in the EU/EEA.
The expansion means that from today, Arch Insurance EU will commence underwriting property and casualty (P&C), motor, and other business lines in the EU/EEA as well as its current mortgage insurance business.
The insurer and reinsurer has also announced that Arch Insurance Company (Europe) has changed its name to Arch Insurance (UK) Limited. Based in London, the unit will continue to underwrite a portfolio of global specialty insurances in the UK and other non-EU/EEA regions. Furthermore, the Arch UK Regional Division of Arch Insurance UK will continue without change, focusing on commercial property, casualty, motor, professional liability, personal accident, and travel business.
Arch Insurance EU will continue to be headquartered in Dublin, but adds branch offices in the UK, Italy and Denmark. The motor business and other specialty lines will be conducted via its Alwyn Europe unit.
The firm explains that from now, Arch Insurance UK and the P&C insurance business of Arch Insurance EU fall under the Arch Insurance International banner, which includes Arch’s insurance businesses in Europe, Bermuda, and Australia.
President and Chief Executive Officer (CEO) of Arch Insurance EU, Soren Scheuer, said: “The CBI authorisation enables Arch Insurance EU to provide a broad range of insurance products in Europe and to ensure a smooth Brexit transition.”
CEO of Arch Insurance International, Hugh Sturgess, added: “These important changes mean that our European clients and policyholders will continue to be well-served by Arch Insurance EU.”