Arch Insurance Group, a member of Arch Capital Group Ltd., today announced the completion of the acquisition of Wexford Underwriting 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 on a worldwide basis through its wholly owned subsidiaries. For more information, visit www.archinsurance.com.
Insurance coverage is underwritten by one or more member companies of Arch Insurance Group in North America, which consists of Arch Insurance Company (a MO 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 in New York City 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.