In another Brexit-inspired turn of events, this April sees mortgage insurance business Arch Insurance International adding new offices in the UK, Italy and Denmark and, following authorisation from the Central bank of Ireland (CBI), commencing underwriting property and casualty (P&C), motor and other business lines in the EU/EEA.
Arch International decided to make changes to its European operations to ensure that European customers’ services are not disrupted due to the uncertainty surrounding Brexit. “The CBI authorisation enables Arch Insurance EU to provide a broad range of insurance products in Europe and to ensure a smooth Brexit transition,” explained Soren Scheuer, President and CEO of Arch Insurance EU.
Arch's Alwyn Europe division (formerly Arch Mortgage Insurance) will conduct the motor insurance business and other specialty lines, and Arch Insurance UK and the P&C insurance operations of Arch Insurance EU will operate under Arch Insurance International. Arch Insurance International spans across Arch’s insurance operations in Europe, Bermuda and Australia.
“The Arch UK regional division of Arch Insurance UK, which was formed in January 2019, will continue without change and focus on commercial property, casualty, motor, professional liability, personal accident, and travel business through its extended office network across the UK,” stated Arch in its update. “The Arch Lloyd’s underwriting platform also remains unchanged.”
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.”