Arch Capital
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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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