Arch Capital

Under terms of the partnership, Arch Capital has acquired a minority stake in the Bermuda-based MGA.

The underwriter will be reunited with former colleague and current head of terrorism, political violence and war, Andy Bauckham.

He will be responsible for supporting the Bermudian’s expansion in the Middle East and North Africa region.

Most forecasters predict below-average activity in the region – but opposing weather phenomena mean uncertainty is higher than usual.

Early private deals have provided far more stability in this year’s renewal than last.

The pair will be responsible for managing underwriting activity across their respective lines.

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.