Arch Insurance North America agreed to acquire managing general underwriter Ventus Risk Management.
Stuart Mercer, co-founder of Ventus Risk, will become the managing general underwriter's CEO after the deal's completion. George Reeth, who also co-founded Ventus Risk, announced his retirement with the company's sale.
Ventus Risk offers coastal commercial property insurance solutions to small and midsize businesses on behalf of third-party carrier partners. It has offices in Atlanta; Columbia, S.C.; Houston; and Richmond, Va.
TigerRisk Capital Markets & Advisory was the exclusive financial adviser to Ventus Risk.
Arch Insurance North America is part of Arch Capital Group Ltd. Arch Insurance Co., Arch Specialty Insurance Co., Arch Excess & Surplus Insurance Co. and Arch Indemnity Insurance Co. write the U.S. business, while Arch Insurance Canada Ltd. writes the Canadian business.