Arch Insurance International, a wholly owned subsidiary of Bermuda headquartered insurance and reinsurance firm, Arch Capital Group, Ltd., has announced the launch of Arch Managing Agency Limited.
Formerly Barbican Managing Agency Ltd, the newly established Arch Managing Agency Limited brings together Arch Underwriting at Lloyd’s and Barbican Managing Agency Ltd. into a single operation.
Effective immediately, the new agency will manage Syndicate 2012, Syndicate 1955, Arcus 1856 and Toa Re Special Purpose Arrangement 6132.
Arch announced in July of last year that it was to acquire managing agent, Lloyd’s operator and also insurance-linked securities (ILS) facilitator or servicer, Barbican Group Holdings Limited, providing the re/insurer with enhanced reach and access into the London and Lloyd’s insurance and reinsurance marketplace.
The new agency is to be led by Ben Canagaretna as Managing Director, who will report to Hugh Sturgess, President and Chief Executive Officer (CEO), Arch Insurance International. Previously, Canagaretna served as Group Chief Actuary at Barbican.
Commenting on the establishment of the new agency, Sturgess said, “By establishing a single managing agency we can better support our four Lloyd’s operations to enhance their market position and promote an environment that is beneficial to our third-party capital partners.”