Arch Insurance (UK) Limited, part of Arch Insurance International, has completed the acquisition of Obelisk Underwriting, a specialist underwriting agency with offices in Sheffield and Leicester.
The acquired business, which generated approximately £5 million of gross written premium in 2018, will become part of the recently formed Arch UK Regional Division, which is focused on commercial property, casualty, motor, professional liability, personal accident and travel. Additional employees will also join Arch as a result of the transaction.
Steve Bashford, Chief Executive Officer of the Arch UK Regional Division, said: “Obelisk has been known to us through close association with Axiom and we are pleased to welcome the team into the UK Regional Division at Arch.
“Operating from existing locations in Leicester and Sheffield, the team will continue to deliver a comprehensive range of Property and Liability products to their existing brokers while introducing a number of new specialist lines including Professional Indemnity, Cyber, Personal Accident and Terrorism.”
Perry Askew, Director of the Obelisk team for the past ten years, said: “We are delighted to be joining the Arch UK Regional team at such an exciting time. Arch’s investment plans in the e-commerce environment plus its commitment to providing experienced and empowered underwriters in the regions makes this a perfect home for the team.”