Bermuda
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The January 1 renewal for 2023 was “one of the most profound” the company has ever had, the CEO said. -
The R&Q founder had been linked to 777 since its attempted acquisition of the listed firm.
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Based in Bermuda, the executive will oversee the firm’s investments in technology and support its growth initiatives.
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More quota share capacity was on offer, but reinsurers were still pushing to manage exposures through loss caps.
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The Bermuda Monetary Authority expects carriers on the island to take a 25% share of the total industry loss.
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Q3 reserve releases were driven by an improvement in claims developments in most lines of its long-tail unit, as well as in its energy and property lines in the short-tail book.
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Moves to push down London broker commissions highlights the options open to write reinsurance platforms in other markets.
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The Canadian holding company increased its ownership in the Bermudian carrier to 82.9% from 70.9%.
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In a Q3 earnings call today, Arch CEO Marc Grandisson also told investors that events like Hurricane Ian “almost always result in opportunities”.
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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.
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The executive will report directly to SiriusPoint CEO Scott Egan, who joined SiriusPoint from RSA in early September.
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The full-year results for 2021 also show the Bermudian start-up held $333mn of net premiums written, as at December last year.
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