Arch buys insurtech managing general underwriter Ventus Risk Management
Arch Insurance North America has entered into a definitive agreement to acquire insurtech managing general underwriter (MGU) Ventus Risk Management.
Ventus specialises in providing coastal commercial property insurance solutions to small and mid-sized enterprises. The company was founded by George Reeth and Stuart Mercer in 2016 with the aim to improve automation, efficiency and risk selection.
Arch will integrate Ventus' analytics-driven technology into its platform to allow third-party capital to provide capacity alongside its own product offerings.
“Ventus is an insurtech company that has successfully deployed its offerings to support its underwriters, deliver best-in-class analytics and modeling 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.”
Following completion of the sale, Mercer will become the CEO of Ventus while co-founder Reeth will retire.
Reeth 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.”
Mercer 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.”
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