Arch Capital
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Kirsten Valder has been with Arch for 10 years and before then was a partner at Kennedys Law.
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The deal includes an LPT of ~$2bn loss reserves for 2016-2023 years with Arch Re.
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Doppstadt and Paglia have served on the board for 14 and 10 years, respectively.
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Joe Morrello joined the firm in 2022 after serving as E&S property head at Beazley.
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Vanessa Hardy Pickering and Lester Pun have also been promoted.
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Tysers has been regulatory principal for the MGA since its 2018 launch.
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Slipstream will be available to marine, cargo and logistics UK clients.
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CEO Grandisson described Arch as "bullish" in its prospects for 2024.
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During the quarter, it booked $137mn in cat losses versus $34mn a year ago.
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Earlier in the process, sources linked Sentry Insurance with a bid for the E&S insurer.
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The segment has bounced back from its mid-2022 nadir, but its current zenith is not that much to shout home about.
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An escalation of conflict at the end of last week is expected to put significant upwards pressure on marine war rates.
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The deal follows this publication’s report that the Bank of America-run sale process of Castel was drawing robust interest.
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Ratings could be lowered by one notch depending on regulatory restrictions on cash flow from Bermuda operating entities to non-operating holding companies, the ratings agency said.
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The consideration is expected to be around $140mn plus a $25mn dividend.
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The five-person underwriting team will be led by Ian Lewis, who has been named head of intangible assets.
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The executive noted “increasing evidence [that] casualty rates widely underpriced and oversold during the last soft market need to increase.”
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The reinsurance segment reported a 39.7-point improvement in its CoR to 80% in Q3 2023, along with 30.4% top-line growth to $2.1bn.
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Pierro will be responsible for establishing operations in France and growing the company’s European cyber insurance portfolio.
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Jose Carlos Jiménez Fernández and Rafael Ortiz Losada have joined the company as senior underwriters.
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The executive will oversee all aspects of managing direct insurance operations at the business.
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The executive has spent 20 years at the company and five at the helm.
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Arch Re CEO Maamoun Rajeh says renewals need to be more like performance reviews: telegraphed with no surprises, as there is no upside to late games of “chicken”.
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In addition, Arch Re global CUO Pierre Jal moved to Zurich to take over as Europe CUO, while president Matthew Dragonetti expanded his scope to lead client-centric initiatives.
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CFO Morin said Arch was able to deploy more capacity, resulting in a significant premium growth for property lines.
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Sources suggest that, based on a multiple of 15x-17x Ebitda, the business could be valued at £300mn-£375mn.
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The expansion came in tandem with a 3.5-point improvement in the segment’s combined ratio, to 81.9%.
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The executive, based in Morristown, New Jersey, will be responsible for the company’s US reinsurance operations.
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Blois will be responsible for managing the carrier's miscellaneous PI book of business.
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Under terms of the partnership, Arch Capital has acquired a minority stake in the Bermuda-based MGA.
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The underwriter will be reunited with former colleague and current head of terrorism, political violence and war, Andy Bauckham.
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He will be responsible for supporting the Bermudian’s expansion in the Middle East and North Africa region.
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Most forecasters predict below-average activity in the region – but opposing weather phenomena mean uncertainty is higher than usual.
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Early private deals have provided far more stability in this year’s renewal than last.
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The pair will be responsible for managing underwriting activity across their respective lines.
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Arch plans to “take advantage” of these favorable market conditions, and may expand PML to 10%-12% of shareholders’ equity by July 1, from the current 8.1%.
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The company also reported top-line growth of 25.8%, with gross premiums written during the quarter totaling $4.8bn.
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Following the retirement of Mark Watters, Jason Page will be responsible for managing marine and hull underwriting activities the carrier’s worldwide portfolio.
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The Bermudian increased its cat load to $100mn-120mn in Q1 2023, compared to around $80mn a quarter for 2022.
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Pre-tax current accident year net cat losses for the insurance and reinsurance segments totaled $34.6mn for the quarter, nearly half of the $72.3mn figure posted in Q4 2021.
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The company has also expanded the regional scope of its underwriting managers as it looks to support growth.
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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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Premia and Arch are pursuing AmTrust for costs relating to an RITC deal struck as part of the Canopius merger.
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Arch launched a cargo and logistics division in March 2021, one of several carriers bringing new capacity to the market.
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Plus this week’s Q1 results and all the top news of the week.
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CEO Marc Grandisson said most of Arch’s exposure to the war comes via Lloyd's aviation, marine war businesses.
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The firm recorded a third consecutive margin improvement in the first quarter of 2022 as its core loss ratio narrowed by 2.7 points to 49.3%.
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Based in London, the new senior underwriter will report to Austen Barnes and is responsible for delivering insurance solutions across multiple geographies and clients.
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A New Jersey judge writes a scathing decision criticizing hospitality firms for attempting to claim physical damage from virus and misinterpreting policy language.
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Linda Daly will join the company’s D&O division led by Michael Chu.
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The executive joined the company in 2010.
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The CEO also said that price increases in property cat were insufficient for the company to allocate more capital to the line.
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The (re)insurer’s GWP surged 32%, helped by strong gains in both its insurance and reinsurance divisions.
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Chicago-based Evertas will write crypto-asset policies on behalf of Arch and aims to expand relationships with other carriers.
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The appointment comes after Sarah McGurk resigned to join Aviva.
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Lisa Packard, a long-time Arch facultative executive, has also been named chief strategy officer for the US reinsurance division.
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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".
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Underwriting profits soared by 66% to $174mn, with a $234mn underwriting gain in mortgage outweighing losses in insurance and reinsurance.
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The coverholder has also expanded its product offering and now underwrites marina business.
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The (re)insurer pegged industry losses from Ida at $30bn and increased its share buyback program to $1.5bn.
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The cat market has a problem with sustained underperformance which, particularly following the ESG Awakening, could attract negative boardroom attention.
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Ebong has worked at Apple and Facebook, while Mallesch was P&C CFO for Nationwide.
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The insurance division added almost $300mn in premium in the quarter, while volumes in reinsurance were higher by $360mn.
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The investment expert has worked for Amundi, Standish Mellon, and Gannett, Welsh & Kotler.
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Arch CEO Marc Grandisson has said he is “not losing sleep” over the prospect of new (re)insurance startups snuffing out the hard market.
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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.
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The carrier joins peers including Tokio Marine Kiln, MS Amlin and Brit.
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Around 80% of the losses are expected from the reinsurance business.
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The acquisition adds to Arch’s mortgage insurance operations in Bermuda, Europe and the US.
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IGI is set to launch into the contingency market and has appointed underwriter Emily Clapham to lead the entry into the class, Insurance Insider can reveal.
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The newcomer most recently led Marsh’s property team in Asia, and has also worked at Newline and Cooper Gay.
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The CEO said his company would be going on offense to accelerate book value growth while strong market conditions lasted.
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The reinsurer completes its EUR453mn deal for 29.5% stake in French trade credit carrier.
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The mixed ruling delivered by the High Court meant insurers escaped from worst-case loss scenarios.
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The Bermuda (re)insurance trade body elects officers for 2021-2022.
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The recruit will work as a senior underwriter and look to drive growth in the line of business.
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The Arch Worldwide Insurance chief will take up the new position on 1 January.
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The parent will introduce a split stamp for the syndicate and 2012, whose capacity increases about 16%.
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The move comes as conditions continue to improve for hull underwriters following years of losses.
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Excluding Covid-19 claims, it was the company’s highest cat quarter since 3Q17.
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Watford is liable for a $18.6mn fee if the Arch deal is terminated.
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Axis, RenRe, Arch and Everest Re trade roughly in line with the S&P 500.
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The Bermudian is adding $10mn-$15mn to its Covid loss estimate as claims climb.
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The hotly anticipated judgment will be a milestone in the ongoing dispute about how carriers respond to Covid lockdown-related losses.
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Arch Capital reportedly offered to buy the business for a per-share value over 45% above yesterday’s close.
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The move by the founding shareholder follows activist investor pressure on the reinsurer.
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The regulator has argued that businesses that were never required to close during the pandemic still had their access restricted.
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Insider promoted after 10 years’ service.
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Carriers must “stop the clock” on claim time limits from today until the court outcome.
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The late July High Court hearing will also involve Arch, Argenta and QBE.
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The executive is charged with new strategies for growth.
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Arch’s top line jumped by more than 36 percent, driven by rate rises, the Barbican acquisition and expansion.
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Predecessor Lino Leoni retains the Arch Insurance International specialty CUO role, while Marie Biggas becomes 2012 deputy active underwriter.
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Chaos in financial markets is also expected to have a substantial effect on Arch’s investment income in Q1.
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The UK-focused property and casualty MGA will become part of HW Kaufman's Burns & Wilcox platform.
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The executive said syndicates would struggle to grow market share as casualty rates rise.
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The Bermudian reported operating earnings of $0.74 per share for Q4, up 61 percent from the same period a year earlier.
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The underwriter was one of the staff to leave Barbican following the Arch acquisition.
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Chris Hovey steps up from the post of chief information officer at Arch Capital Services.
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Raoul Carlos will lead the specialty “centre of excellence”, with the MGA platform also creating two other dedicated hubs.
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Greenspan was more optimistic about Arch, switching her opinion to ‘overweight’ from ‘equal weight’.
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Before joining Arch, Ray was senior partner for affinity markets at Mercer.
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The company is among just a few carriers looking to write more business, CEO Marc Grandisson claims.
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Arch’s insurance and reinsurance net premiums written rise on the back of new business opportunities and rising rates.
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Christopher Drake was previously at Barbican Syndicate 1955.
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The Blue Vault product covers digital “keys”, providing limits of up to $150mn.
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The MGU will enable third-party capital to provide capacity alongside Arch’s product offerings.
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The insurer says it shouldn’t have to cover the university’s settlement because the policy contained an abuse and molestation exclusion.
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Pro forma analysis shows the combined gross written premium of Syndicates 2012 and 1955 to be £666mn.
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The Bermudian (re)insurer’s earnings of $0.77 per share beat consensus a consensus estimate of $0.67.
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The executive left Markel late last year and reports to head of financial lines Gavin Stanley at his new employer.
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The chances of an MBO led by CEO David Reeves seem to be at an end, as a possible new Lloyd’s entry route opens for Premia.
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Lloyd’s underwriters, Arch and Lexington will need to reach a new accord with victims of Allen Stanford’s $5bn investment fraud.
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The appointment of Clive Archer follows the departure of Tim Mackenzie last month.
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The international GL specialist departs after nine years.
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Former Vibe casualty treaty underwriter Archer to step into Barbican role.
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Arch Capital backed hedge fund carrier’s outlook graded “stable”.
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First-quarter combined ratios deteriorated at most Bermuda-based (re)insurers.
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The total return reinsurer reported a strong return in its first set of results as a public company.
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Arch’s chief executive said that Jebi business interruption exposures fuelled loss creep in the market.
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The Bermudian (re)insurer surpassed consensus expectations in the first quarter with operating earnings of $0.67.
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The insurer had purchased 60 percent share of the business in 2015.
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