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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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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