Arch Insurance Group Acquires Wexford Underwriting Managers - Provides Excess Workers' Comp Capability.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Arch Insurance Group, a member of Arch Capital Group Ltd., today announced the completion of the acquisition of Wexford Underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. Managers (Wexford)--a managing general underwriter. On January 1, 2007, Arch Insurance Group entered into an agreement with Wexford Underwriting Managers to write Excess Workers Compensation business and Employers Liability Insurance. At the same time, Arch also entered into an asset purchase agreement to acquire the operations of Wexford from Aon Corporation, including the renewal rights of the business, which was completed on December 17, 2007. The Wexford operation, now a division of Arch Insurance Group, will be known as Arch Wexford. This acquisition follows Arch's strategy of seeking new areas of profitable growth where its capital and expertise could best be utilized. Wexford, which was founded in 1985 and acquired by Aon in 1992, currently underwrites Excess Workers Compensation Insurance for qualified self-insureds. One of the key attractions of the Wexford business is its experienced management team and staff, who will be joining Arch. They have a focused underwriting approach that targets specific industry segments such as healthcare, schools/universities, manufacturing, retail/wholesale, and governmental entities. Wexford writes both single entity and group self-insurance funds within these industry segments. Arch Wexford will report to John S. Edack, Arch Insurance Group Regional Executive Vice President who is working closely with the Wexford team to ensure a smooth integration. "We found this market niche attractive because the self-insured marketplace is growing on an annual basis," said Edack. "We are excited to be working with the Wexford team, which brings such deep expertise and continuity to this area of the market, and look forward to making this capability a vital part of our product offerings." Arch Insurance Group Inc. is a member of Arch Capital Group Ltd., a Bermuda-based company that provides insurance and reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. on a worldwide basis through its wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. . For more information, visit www.archinsurance.com. Insurance coverage is underwritten by one or more member companies of Arch Insurance Group in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , which consists of Arch Insurance Company (a MO corporation, NAIC NAIC See National Association of Investors Corporation (NAIC). # 11150), Arch Specialty Insurance Company (a NE corporation, NAIC #21199) and Arch Excess & Surplus Insurance Company (a NE corporation, NAIC # 10946). Executive offices are located at One Liberty Plaza One Liberty Plaza is a skyscraper in lower Manhattan, New York, which resides at the location of the former Singer Building (in 1968, the second tallest building to be demolished). One Liberty Plaza is currently owned and operated by Brookfield Properties. in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. 10006. Not all insurance coverages or products are available in all jurisdictions. Coverage is subject to actual policy language. This information is intended for use by licensed insurance producers. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion