Arch Capital

An escalation of conflict at the end of last week is expected to put significant upwards pressure on marine war rates.

The deal follows this publication’s report that the Bank of America-run sale process of Castel was drawing robust interest.

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.

The consideration is expected to be around $140mn plus a $25mn dividend.

The five-person underwriting team will be led by Ian Lewis, who has been named head of intangible assets.

The executive noted “increasing evidence [that] casualty rates widely underpriced and oversold during the last soft market need to increase.”

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.

Pierro will be responsible for establishing operations in France and growing the company’s European cyber insurance portfolio.

Jose Carlos Jiménez Fernández and Rafael Ortiz Losada have joined the company as senior underwriters.

The executive will oversee all aspects of managing direct insurance operations at the business.

The executive has spent 20 years at the company and five at the helm.

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”.