Bermuda

The cat XoL rate increase in Europe was over 40%, while the average attachment point of the global property cat business increased “meaningfully,” he added.

The Bermudian reported $15mn in catastrophe losses for the quarter, down from $125mn in the same period last year.

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.

Based in Bermuda, the executive will oversee the firm’s investments in technology and support its growth initiatives.

More quota share capacity was on offer, but reinsurers were still pushing to manage exposures through loss caps.

The Bermuda Monetary Authority expects carriers on the island to take a 25% share of the total industry loss.

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.

Moves to push down London broker commissions highlights the options open to write reinsurance platforms in other markets.

The Canadian holding company increased its ownership in the Bermudian carrier to 82.9% from 70.9%.

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

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.