Arch Insurance Europe gets approval to establish new syndicate at Lloyd's

Tue. March 17, 2009; Posted: 09:41 AM

Mar 17, 2009 (Datamonitor via COMTEX) -- ACGL | Quote | Chart | News | PowerRating -- Arch Insurance Company Europe, a subsidiary of Arch Capital Group, has received approval from Lloyd's to establish Syndicate 2012, a new syndicate, at Lloyd's.

Arch Insurance said that the syndicate will commence underwriting from mid-March 2009 for risks attaching from April 1, 2009 onwards.

Syndicate 2012 will be managed by a newly created managing agent, Arch Underwriting at Lloyd's, authorized by the UK's Financial Services Authority, and supported by a newly formed corporate member. Syndicate 2012 initially plans to write a composite portfolio comprised mainly of marine, personal accident, property and professional lines insurance.

William Beveridge of Arch Insurance Europe has been appointed active underwriter of Syndicate 2012. James Weatherstone, president and CEO of Arch Insurance Europe, will serve as CEO of the managing agent, and David Hipkin, chief underwriting officer of Arch Insurance Europe, will also assume responsibility as director of underwriting of the managing agent.

Mark Lyons, chairman of Arch Worldwide Insurance Group, said: "The establishment of a Lloyd's platform represents an important strategic addition to the Arch global distribution base. Because of its strong global brand, license base and extensive infrastructure Lloyd's is uniquely positioned for the development of key international business as well as expansion into new and emerging markets."

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For full details on Arch Capital Group Ltd (ACGL) click here. Arch Capital Group Ltd (ACGL) has Short Term PowerRatings of 5. Details on Arch Capital Group Ltd (ACGL) Short Term PowerRatings is available at This Link.

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