Ark
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Ark has been adding new product lines across its three Lloyd’s syndicates. -
The carrier reported an increase of 82% in pre-tax income.
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Duc Tu and Lucy Howard have resigned from Atrium.
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Stacey Hinton and Max Elliot are set to join Ark from Markel International.
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This will allow Ark to write business on surplus line paper and Lloyd’s business.
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Alex Cullen left Atrium last month.
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Plus, the latest people moves and all the top news of the week.
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Ark's combined ratio included 25 points of catastrophe losses in Q1.
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Over 2024, four hurricanes added 13 points of cat-loss impact to the combined ratio.
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Kevin Stokes has been with Pillar for nearly four years.
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The combined ratio included 17 points of catastrophe losses in the third quarter.
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The broker will join the marine liability team within the new Ken Syndicate 3832.
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The underwriter has spent a decade at Chaucer.
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Cat losses were lower year-on-year but other risk losses were recognised.
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The incidental syndicate will also house Liddell’s A&H team and Carr’s marine liability team.
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The carrier also reported a $16mn satellite loss during the quarter.
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The backed carrier expanded top line by 16% over the quarter.
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The renewal included $130mn from White Mountains, considerably less than the $205mn Ark’s parent kicked in for 2023.
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The carrier has hired Ed Atkin, Piers Harding and George Wallace from Talbot and Callum Bennett from Chaucer to run the new book.
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The combined ratio included 11 points of catastrophe losses, largely arising from Hurricane Idalia and the Maui wildfires.
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Carr has spent over 20 years in the market, holding several leadership positions at Tokio Marine HCC, Axis and others.
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The carrier experienced three large claims in Q2 in the property and marine and energy lines of business.
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The company announced on Wednesday that Liddell’s deputy Thomas Leonardo would succeed him as global head of A&H, with immediate effect.
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The carrier has expanded its team since launching into the class of business in 2020.
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New sidecar Outrigger Re posted a combined ratio of 21% and gross written premiums of $44mn.
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The carrier benefited from light cat losses and positive prior-year development in the fourth quarter.
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TigerRisk Capital Markets & Advisory acted as exclusive structuring and placement agent for the reinsurance sidecar.
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Outrigger Re will write a quota share of Ark’s Bermuda property treaty book.
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The carrier boosted gross written premiums by 33% and posted profits of $24mn.
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The two Lloyd’s players are the first to bring sidecars to market as they seek to capitalise on surging projected returns.
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The carrier focuses on risk and treaty catastrophe A&H coverage through its NOA Syndicate.
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The carrier also reported a pre-tax $21mn loss for the second quarter of 2022, driven by unrealised and realised losses on investments.
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Cat losses added 16 points to the combined ratio during the quarter, including an unquantified impact from Ukraine claims.
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The White Mountains-owned carrier benefited from reserve releases from Hurricane Ida losses in Q4.
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White Mountains-backed carrier Ark has reported a 92% combined ratio for the third quarter, and a 95% combined ratio for the nine months to 30 September.
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Other industry executives recognised on the night included Ark CEO Ian Beaton, Lloyd’s CFO Burkhard Keese and Howden CEO David Howden.
