Arch Capital

Breese joined Arch in 2019, having previously served at cyber security firm Corax.

Arch announced the retirement of CEO Marc Grandisson on Monday, with immediate effect.

The executive has been group CUO since 2021.

Munns succeeds Michael Chu who rejoins Arch Insurance North America as SVP, P&C programs.

The business is aiming to launch at 1 January, focusing on non-cat delegated authority business.

Everest Re bucked a more general trend to keep cat exposure stable.

Penberthy joined Arch in 2022 and became CFO of the UK operations in December 2023.

The slowdown was based on a conviction of “higher likelihood of frequency events” this year.

The reinsurance segment LR reflected 10 points of cat activity, up YoY from 6.7.

Both parties expect to close the transaction on 1 August 2024.

Arch, Axa XL, Beazley, Chubb, Hiscox, Howden, MS Amlin and TMK are participating.

While Arch is looking into using AI and robotics to streamline claims, an important focus remains on diversity to build a strong claims culture, said Barbara Rizzi, Chief Claims Officer for Arch Insurance International.