Arch Insurance North America (Arch) has agreed to acquire managing general underwriter (MGU) Ventus Risk Management.
Ventus is technology and analytics-driven and specialises in providing coastal commercial property insurance solutions to SMEs.
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Founded in 2016, Ventus hoped to improve automation, efficiency and risk selection with its technology. Integrating Ventus into the Arch platform is set to enable third-party capital to provide capacity alongside Arch’s product offerings.
“Ventus is an insurtech company that has successfully deployed its offerings to support its underwriters, deliver best-in-class analytics and modelling capabilities and provide a superior customer experience,” said Matt Shulman, CEO of Arch Insurance North America. “When combined with the scale of our E&S property portfolio and breadth of our relationships, we will bring enhanced value to our wholesale distribution partners.”
Ventus sees the Arch deal as beneficial to its employees, brokers, customers and carrier partners.
George Reeth, a Ventus co-founder who has announced his retirement with the sale of the company, said, “I’m incredibly proud of what we’ve built at Ventus. By joining the Arch family, our employees will have access to a depth of resources that will allow them to continue to bring robust, creative solutions to the market and develop professionally.”
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By GlobalDataCo-founder Stuart Mercer, who will become the CEO of Ventus upon the close of the sale, added, “Arch is known for innovative structures that allow third-party capital to access insurance and reinsurance risks behind its strong underwriting expertise. The combined platform will bring broader capabilities and expanded capacity to Arch’s E&S property unit. I’m excited to continue to bring technology driven solutions to the marketplace when our producers and customers need it the most.”
Ventus currently has over 30 employees and four offices across the US.
Arch Insurance North America is Arch Capital’s arm in the US and Canada. The group recently agreed to acquire Barbican Group in the UK from American owner Carlson Capital.
