Arch Capital
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Bazan Group’s refinery near Haifa was badly damaged by Iranian bombardment in June. -
Arch will continue to provide long-term capacity for the MGA.
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Cat portfolios generally grew, but casualty approaches varied.
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The Bermudian said its pursuit of SMEs through M&A will provide sustainable improvements to its bottom line.
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The loss ratio rose 1.9 points to 53.1%, while the expense ratio ticked up 0.6 points to 28.1%.
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Ondine Bourrut Lacouture succeeds Simon Williams, who had been in the role since 2019.
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The unit will include both ocean and inland marine coverage.
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There has been significant talent displacement in the specialty reinsurance market.
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Ed Short was previously VP, digital partners, at Arch.
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William Soares moves from casualty and specialty CUO to president.
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Sources said MarshBerry was retained earlier this year to run the sale.
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Specialty reinsurance has experienced high competition for talent.
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The days of 30%+ growth are probably behind the firm, he said.
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Overall, the company’s underwriting income fell 43% to $417mn in the first quarter.
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James Barrett has been interim head of cyber since October 2024.
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Chapman exited from Scor following a 13-year tenure with the carrier.
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Fast Track is led by QBE and backed by Canopius, Arch and Beazley.
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Deteriorating CoRs, GWP growth and fears over wildfire impacts were common themes.
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The company, meanwhile, is bullish on E&S US casualty.
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The firm pegged industry losses at $35bn-$45bn.
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Michael O’Neill has been promoted to onshore power and renewables underwriting manager.
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Former Chaucer natural resources head James Brown joins as an advisor.
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UK regional division CEO Steve Bashford has retired.
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Robin Hamilton has been appointed head of energy and marine liability.
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Outgoing chief Søren Scheuer will become a non-executive director.
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Tim Watson most recently served as a senior credit and political risk underwriter.
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The underwriter worked for Markel for a decade.
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Jelle Ouwehand joined Arch from Marsh, where he was a senior terrorism, PV and war broker.
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Both appointments are effective immediately.
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Arch is assuming an industry loss related to Helene in the $12bn-$14bn range.
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The reinsurance CoR rose 12.3 pts to 92.3% following $364mn of cat losses in the quarter.
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Breese joined Arch in 2019, having previously served at cyber security firm Corax.
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Arch announced the retirement of CEO Marc Grandisson on Monday, with immediate effect.
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The executive has been group CUO since 2021.
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Munns succeeds Michael Chu who rejoins Arch Insurance North America as SVP, P&C programs.
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The business is aiming to launch at 1 January, focusing on non-cat delegated authority business.
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Everest Re bucked a more general trend to keep cat exposure stable.
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Penberthy joined Arch in 2022 and became CFO of the UK operations in December 2023.
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The slowdown was based on a conviction of “higher likelihood of frequency events” this year.
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The reinsurance segment LR reflected 10 points of cat activity, up YoY from 6.7.
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Both parties expect to close the transaction on 1 August 2024.
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Arch, Axa XL, Beazley, Chubb, Hiscox, Howden, MS Amlin and TMK are participating.
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The underwriting head has worked in the London market for 25 years.
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Roberto Tous joins from Zurich, where he was head of financial lines for the Benelux.
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Constantine 'Dinos' Iordanou served as CEO at Arch Capital Group for 17 years.
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A standalone syndicate could offer capital, trading, and licensing advantages.
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There was no material development on long-tail casualty lines across all years, he said.
