Court sanctions transfer of insurance business within Arch group

The High Court has sanctioned the transfer of the entire insurance business of Southern Rock Insurance Company to Alwyn Insurance Company pursuant to section 111 of FSMA. Both companies are subsidiaries of Arch Capital Group.

Southern Rock is in run-off, with no live policies but open claims and periodical payment orders. Southern Rock and Alwyn have co-insured the same business since 2011, with Somerset Bridge (another Arch subsidiary) providing underwriting, compliance and claims management services to both, ensuring that there will be no change in service delivery.