Arch Capital

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%.

The company also reported top-line growth of 25.8%, with gross premiums written during the quarter totaling $4.8bn.

Following the retirement of Mark Watters, Jason Page will be responsible for managing marine and hull underwriting activities the carrier’s worldwide portfolio.

The Bermudian increased its cat load to $100mn-120mn in Q1 2023, compared to around $80mn a quarter for 2022.

Pre-tax current accident year net cat losses for the insurance and reinsurance segments totaled $34.6mn for the quarter, nearly half of the $72.3mn figure posted in Q4 2021.

The company has also expanded the regional scope of its underwriting managers as it looks to support growth.

Enstar is conducting due diligence around taking on the rest of the Argo back book.

Brian First was previously CUO of programs, property and specialty at Arch.

In his new position, the executive will report to Arch’s head of cyber and technology E&O, Marcus Breese.

In a Q3 earnings call today, Arch CEO Marc Grandisson also told investors that events like Hurricane Ian “almost always result in opportunities”.

The cat and expense developments offset favorable reserve developments during the quarter, as the Bermudian released $178mn.

Arch Capital has pegged its estimated Q3 pre-tax net catastrophe losses at $530mn-$560mn, impacted by Hurricane Ian, as well as other events like US convective storms, Typhoon Nanmadol and hailstorms in France.