Arch Insurance Acquires Thimble

Rhea-AI Summary

Arch Insurance announced the acquisition of Thimble, an insurtech platform focused on small business insurance.

This strategic move enhances Arch's digital offerings, facilitating easier access to insurance coverage for small businesses. Since May 2018, Thimble has issued over 170,000 policies across the U.S.

The Thimble team will continue to operate with existing partners, while also expanding the platform under Arch's umbrella. This acquisition aligns with Arch's goal of improving digital solutions for customers and brokers. The deal is expected to bolster Arch's growth in the small business insurance sector.

Positive

• Acquisition of Thimble improves digital insurance solutions for small businesses.
• Thimble issued over 170,000 policies, indicating market presence and customer trust.
• Continued collaboration with existing partners enhances Arch's service offerings.

Negative

• None.

The acquisition expands Arch’s suite of digital solutions for small business insurance

NEW YORK--(BUSINESS WIRE)-- Arch Insurance today announced it has acquired Thimble, a leading insurtech platform for small business customers and agents. Thimble enables small businesses to quickly get insurance coverage by the job, month or year using its award-winning app, website, or over the phone.

The acquisition expands Arch’s suite of digital solutions for small business customers and brokers. Since May 2018, Thimble has delivered more than 170,000 policies to small businesses across the United States. Thimble works with a variety of carriers including Markel and Employers. The Thimble team will continue growing the business with its existing carrier partners and offer new solutions through Arch.

“At Arch, we’re always looking to expand our digital solutions and create new, easy ways to do business with us,” said Jay Rajendra, Arch’s Chief Strategy and Innovation Officer. “Thimble makes insurance easy. The Thimble team has created a best-in-class digital experience for small business customers and agents to acquire and manage insurance. We’re excited about growing the Thimble platform and applying many of its digital practices across Arch to better serve our partners.”

Jay Bregman, Co-Founder of Thimble, said, “We are delighted to join the Arch family. The entire Thimble team is looking forward to working with Arch and our existing carrier partners to grow the platform. I’m equally excited to see how our team’s digital experience can benefit Arch and its distribution partners.”

About Arch Insurance North America

Arch Insurance North America, part of Arch Capital Group Ltd., includes Arch’s insurance operations in the United States and Canada. Business in the U.S. is written by Arch Insurance Company, Arch Specialty Insurance Company, Arch Property Casualty Insurance Company and Arch Indemnity Insurance Company. Business in Canada is written by Arch Insurance Canada Ltd.

About Arch Capital Group Ltd.

Arch Capital Group Ltd. (Nasdaq: ACGL) is a publicly listed Bermuda exempted company with approximately $15.6 billion in capital at Dec. 31, 2022. Arch, which is part of the S&P 500 Index, provides insurance, reinsurance and mortgage insurance on a worldwide basis through its wholly owned subsidiaries.

About Thimble

Thimble helps small businesses acquire general and professional liability, business equipment, commercial property and other types of insurance coverage via a proprietary digital platform. Thimble works with a variety of carriers to bring the best digital insurance solutions to small businesses, brokers and agents.

Cautionary Note Regarding Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward−looking statements. This release or any other written or oral statements made by or on behalf of Arch Capital Group Ltd. and its subsidiaries may include forward−looking statements, which reflect the Company’s current views with respect to future events and financial performance. All statements other than statements of historical fact included in or incorporated by reference in this release are forward−looking statements.

Forward−looking statements can generally be identified by the use of forward−looking terminology such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe" or "continue" or their negative or variations or similar terminology. Forward−looking statements involve the Company’s current assessment of risks and uncertainties. Actual events and results may differ materially from those expressed or implied in these statements. A non-exclusive list of the important factors that could cause actual results to differ materially from those in such forward-looking statements includes the following: adverse general economic and market conditions; increased competition; pricing and policy term trends; fluctuations in the actions of rating agencies and the Company’s ability to maintain and improve its ratings; investment performance; the loss of key personnel; the adequacy of the Company’s loss reserves, severity and/or frequency of losses, greater than expected loss ratios and adverse development on claim and/or claim expense liabilities; greater frequency or severity of unpredictable natural and man-made catastrophic events, including pandemics such as COVID-19; the impact of acts of terrorism and acts of war; changes in regulations and/or tax laws in the United States or elsewhere; ability to successfully integrate, establish and maintain operating procedures as well as integrate the businesses the Company has acquired or may acquire into the existing operations; changes in accounting principles or policies; material differences between actual and expected assessments for guaranty funds and mandatory pooling arrangements; availability and cost to the Company of reinsurance to manage the our gross and net exposures; the failure of others to meet their obligations to the Company; a disruption caused by cyber-attacks or other technology breaches or failures on the Company or the Company’s business partners and service providers, which could negatively impact the Company’s business and/or expose the Company to litigation; and other factors identified in our filings with the U.S. Securities and Exchange Commission (“SEC”).

The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with other cautionary statements that are included herein or elsewhere. All subsequent written and oral forward−looking statements attributable to us or persons acting on the Company’s behalf are expressly qualified in their entirety by these cautionary statements. The Company undertakes no obligation to publicly update or revise any forward−looking statement, whether as a result of new information, future events or otherwise.

Source — Arch Insurance
Tag — arch-insurance

View source version on businesswire.com: https://www.businesswire.com/news/home/20230410005297/en/

Greg Hare

ghare@archgroup.com

Source: Arch Capital Group Ltd.

FAQ

What is the significance of Arch acquiring Thimble?

The acquisition enhances Arch's digital solutions for small business insurance, allowing easier access for customers.

How many policies has Thimble issued?

Thimble has issued over 170,000 policies since May 2018 across the United States.

What impact does the acquisition have on Arch's business?

It is expected to bolster Arch's growth in the small business insurance sector by expanding its digital offerings.

When did Arch announce the acquisition of Thimble?

Arch announced the acquisition on a recent date, though the exact date is not specified in the press release.