Arch Capital
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Everest Re bucked a more general trend to keep cat exposure stable. -
Penberthy joined Arch in 2022 and became CFO of the UK operations in December 2023.
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The slowdown was based on a conviction of “higher likelihood of frequency events” this year.
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The reinsurance segment LR reflected 10 points of cat activity, up YoY from 6.7.
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Both parties expect to close the transaction on 1 August 2024.
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Arch, Axa XL, Beazley, Chubb, Hiscox, Howden, MS Amlin and TMK are participating.
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The underwriting head has worked in the London market for 25 years.
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Roberto Tous joins from Zurich, where he was head of financial lines for the Benelux.
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Constantine 'Dinos' Iordanou served as CEO at Arch Capital Group for 17 years.
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A standalone syndicate could offer capital, trading, and licensing advantages.
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There was no material development on long-tail casualty lines across all years, he said.
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