Arch Insurance International Invests in New, Technology-Driven MGA Serving UK Personal Lines Market
LONDON--(BUSINESS WIRE)--Mar 19, 2019--Arch Insurance International today announced its investment in Archipelago Risk Services Limited (Archipelago), a personal lines managing general agency backed with underwriting capacity from Arch Insurance (UK) Limited (formerly Arch Insurance Company (Europe) Limited). Archipelago, which will underwrite only intermediated business, leverages a new business model combining the latest technology and primary data sources with a flexible multi-cover policy and dynamic pricing options.
Archipelago is a new insurtech personal lines insurer founded by former Aon executives Angus Simpson, who will serve as CEO, and Richard Coleman. Archipelago will distribute its products in the UK covering home, motor, travel, pet and residential investment property through wealth managers and selected specialised personal lines brokers.
The Archipelago platform is a trading system developed to transform the business of personal lines by helping distribution partners grow and manage their client accounts by automating much of the customer journey and reducing the burden and cost of administration and compliance. It also enhances customer service by minimising policy application question sets and providing clients the option of digitising their claims process.
Hugh Sturgess, CEO of Arch Insurance International said, “Our investment in Archipelago allows us to offer an innovative and differentiated way to serve mid- to high-net-worth individuals in the UK. Archipelago is the newest part of our overall UK growth strategy.”
Mr. Simpson commented, “We founded Archipelago from our desire to improve personal lines for everyone involved. In creating our new platform, we re-examined every part of the business model and, crucially, the service to our distribution partners and their clients.”
About Arch Insurance International
Arch Insurance International includes Arch’s insurance operations in Europe, Bermuda and Australia. Business in the UK is written by Arch Insurance (UK) Limited or Arch Underwriting at Lloyd’s Limited on behalf of Lloyd’s syndicate 2012 and business in the EU/EEA is written by Arch Insurance (EU) dac or via the Lloyd’s Brussels platform.
About Archipelago Risk Services Limited
Archipelago Risk Services Limited (FRN: 815213) is an Appointed Representative of Arch Insurance (UK) Limited (FRN: 229887) authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered address: 5th Floor Plantation Place South, 60 Great Tower Street, London EC3R 5AZ.
Archipelago is based in London and is wholly owned by Blue Sky Partners Ltd, a company jointly owned by management and Arch UK Holdings Ltd.
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KEYWORD: UNITED KINGDOM EUROPE
INDUSTRY KEYWORD: TECHNOLOGY DATA MANAGEMENT PROFESSIONAL SERVICES BANKING FINANCE INSURANCE
SOURCE: Arch Insurance International
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PUB: 03/19/2019 06:00 AM/DISC: 03/19/2019 06:00 AM