Arch Insurance International has announced the launch of an intangible assets division to provide coverage for intellectual property risks.
Effective immediately, the launch comes after an agreement to acquire certain assets of Aon’s intellectual property liability managing general agent unit.
The new division will be offering coverage for a wide range of risks such as exposures to intellectual property infringement, contractual liabilities, invalidation and business disruption.
It will serve businesses of all sizes, the insurer said.
As the head of intangible assets, Ian Lewis will lead the new five-person underwriting team, which is based in London.
Lewis has more than 30 years of experience, mostly in the fields of intangible risk and intellectual property.
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He most recently held the position of global head of Aon’s intellectual property underwriting services.
Lewis will report to Arch’s head of professional lines, Duncan Smith.
Other members of the team include Justyn Hardcastle, senior underwriter; Carys Bickmore, underwriter; Ben Kemsley, underwriter; and Chris Sclimenti, a senior underwriter based in the US.
Sclimenti will also oversee leading Arch’s life sciences business.
Arch Insurance International CEO Hugh Sturgess said: “The launch of our intangible assets team is a natural progression for Arch as we continue to expand our professional lines offerings.
“We see significant opportunities for growth in this class and are well positioned to offer our brokers and mutual clients comprehensive solutions to respond to the evolving risks to their intangible assets. By bringing on board an established and respected team led by Ian, we seek to establish Arch as a lead market in the intangible assets space.”
Aon intellectual property solutions CEO Lewis Lee said: “We are very proud of the underwriting team and how they have helped Aon continue to develop the IP Liability Insurance market over the last few years.
“In an innovation-driven growth economy, solutions involving IP assets represent a significant opportunity for Aon and the insurance industry globally. We will continue to focus on broking the full mix of IP solutions for our clients – which includes continuing to grow our IP liability business.”