Arch buys Resource Underwriting
Arch Insurance Europe has acquired 100% of underwriting agency Resource Underwriting Pacific.
Resource Underwriting will be added to Arch Insurance Europe’s current holdings in Australia.
The long-rumoured acquisition was confirmed yesterday by Arch Insurance Europe CEO James Weatherstone, who says it “will give us [the opportunity] to expand our footprint in the Australian market”.
Resource Underwriting MD Paul Muller will become Senior VP of Arch Underwriting Australia. The acquisition also marks Arch’s expansion from its Sydney office into the important Victorian market.
The Melbourne-based company, which was established in 1991, has also acted as a branch office of major Japanese-owned specialty (re)insurer Canopius.
Arch Regional Director Robin Barham told insuranceNEWS.com.au Arch underwriters “have been in a relationship with Resource for more than a decade. It’s a great purchase for us.
“It gives us a presence in five distinct markets – property, accident and health, professional indemnity, directors’ and officers’ and casualty.”
Mr Muller says Resource Underwriting has been seeking a partner to help it develop a commercial lines platform.
“This strategic step will give Arch in Australia the best possible platform with which to achieve our ambitions for growth in this region.”
More details in our regular bulletin next Monday.