Arch Insurance Company Europe, a subsidiary of Bermuda-based Arch Capital Group has received approval to begin underwriting commercial business in the UK.
Following the receipt of approval from the FSA, Arch Europe will begin underwriting commercial lines from its London office, the company said.
This will include onshore and offshore energy, executive assurance and construction risks.
Commercial property, marine and casualty lines are planned for future expansion, said Arch Europe.
Arch began operating in the UK in 2002 as a contact office to source underwriting contracts for its US-based affiliates.
Arch Europe president and chief executive Robert Van Gieson said: “Arch Europe represents a new breed of insurer now emerging in the UK general insurance market.”
He added: “Our objective in launching in London is to create a third platform from which brokers can access Arch in the heart of the most dynamic insurance market in the world, and for as long as business is being transacted here, Arch plans to be a part of it.
“With our operation now FSA licensed, we will implement a similar strategy to our Bermuda and US affiliates; underwriting excellence, skilled senior practitioners focusing on underwriting profit and expense efficiency. Being a new market in London, we are prepared to earn our position on slips, with the goal of leading business over time.”
Other key members of Arch Europe's management team are chief financial officer Graham Ward and vice presidents Jane Comerford and William O'Malley.
