Arch Capital
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The company has also expanded the regional scope of its underwriting managers as it looks to support growth. -
Enstar is conducting due diligence around taking on the rest of the Argo back book.
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Brian First was previously CUO of programs, property and specialty at Arch.
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In his new position, the executive will report to Arch’s head of cyber and technology E&O, Marcus Breese.
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In a Q3 earnings call today, Arch CEO Marc Grandisson also told investors that events like Hurricane Ian “almost always result in opportunities”.
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The cat and expense developments offset favorable reserve developments during the quarter, as the Bermudian released $178mn.
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Arch Capital has pegged its estimated Q3 pre-tax net catastrophe losses at $530mn-$560mn, impacted by Hurricane Ian, as well as other events like US convective storms, Typhoon Nanmadol and hailstorms in France.
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Ratings agencies suggest that carriers must do better on controlling volatility – but diverging risk appetites give the lie to the idea that the industry is walking away from risk.
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Arch Capital CEO Marc Grandisson told analysts on an investor call today that the industry has started incorporating higher inflation into models.
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The Bermudian also reported margin improvements and top line acceleration despite a decline in mortgage gross written premium.
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David Longley will be responsible for further developing and expanding Arch’s portfolio.
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Andrew Bauckham also served as chair of the Lloyd’s Market Association’s terrorism and PV panel.
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