Arch Capital

Lisa Packard, a long-time Arch facultative executive, has also been named chief strategy officer for the US reinsurance division.

Liz Cunningham, Watford’s chief risk officer, has been named its new CEO, as the company said that ratings agency AM Best had affirmed the outlook on its A- FSR to "stable".

Underwriting profits soared by 66% to $174mn, with a $234mn underwriting gain in mortgage outweighing losses in insurance and reinsurance.

The coverholder has also expanded its product offering and now underwrites marina business.

The (re)insurer pegged industry losses from Ida at $30bn and increased its share buyback program to $1.5bn.

The cat market has a problem with sustained underperformance which, particularly following the ESG Awakening, could attract negative boardroom attention.

Ebong has worked at Apple and Facebook, while Mallesch was P&C CFO for Nationwide.

The insurance division added almost $300mn in premium in the quarter, while volumes in reinsurance were higher by $360mn.

The investment expert has worked for Amundi, Standish Mellon, and Gannett, Welsh & Kotler.

Arch CEO Marc Grandisson has said he is “not losing sleep” over the prospect of new (re)insurance startups snuffing out the hard market.

Arch’s combined ratio improved by 1.2 points to 89.2% and company weathered winter storms to produce an underwriting profit just shy of $200mn.

The carrier joins peers including Tokio Marine Kiln, MS Amlin and Brit.