Womble Bond Dickinson has advised Arch Insurance Europe on its £31m purchase of the UK Commercial Lines business owned by The Ardonagh Group and part of its Geo Underwriting (“Geo”) operating segment.
As a large and diversified international insurance group, Arch has a strategy to grow its regional UK presence and deliver underwriting expertise and a strong customer value proposition through an expanded retail distribution network.
The acquisition will give Arch a meaningful presence and an extended office network across the UK that will complement its existing London Market business that is focused on wholesale distribution and delegated authority business.
The transaction is an asset-only deal that includes the renewal rights for Fusion, Arista and Towergate Commercial Underwriting, generating more than £150m of Gross Written Premium in 2017 and focused on writing commercial property, casualty, motor, professional liability, personal accident and travel. Approximately 250 employees will move to Arch as a result of the transaction.
The Womble Bond Dickinson team was led by Corporate Partner Tom Fitzpatrick (picture), with assistance from: Corporate Associate Alex Fergus; Insurance Partner Jonathan Drake; Tax Managing Associate Ronan Lowney; and Real Estate Managing Associate Paul Bramall.
Involved fees earner: Tom Fitzpatrick – Womble Bond Dickinson; Alex Fergus – Womble Bond Dickinson; Jonathan Drake – Womble Bond Dickinson; Ronan Lowney – Womble Bond Dickinson; Paul Bramall – Womble Bond Dickinson;
Law Firms: Womble Bond Dickinson;
Clients: Arch Insurance Europe;