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The Bermudian booked a $4.6mn loss from Winter Storm Uri.
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Kevin Rehnberg says the carrier is disappointed with the level of catastrophe losses but expects less volatility going forward.
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The former Willis executive is to work with Corant Bermuda CEO Chris Bonard and Ed Broking’s Bermuda chairman John Turner.
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The ratings agency also affirms the carrier’s financial strength rating of A.
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Rates for Japanese wind treaties increased between 5% and 10% at the April renewal, while quake pricing was up 5%.
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The CEO said the carrier was turning aside more business than it wrote, yet had “sufficient headroom” to grow.
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Arch CEO Marc Grandisson has said he is “not losing sleep” over the prospect of new (re)insurance startups snuffing out the hard market.
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The reinsurer grew premiums by 31% in the quarter overall, led by a 33% pickup in property premiums and 29% growth in casualty and specialty.
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Tom Gregory, Cameron Maffit, Mark Robinson and Patrick Reardon have now started in their new roles.
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The ratings agency has also affirmed the A- FSR of Convex’s UK and Bermudian entities.
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Claims from Winter Storm Uri will cost the carrier about $43mn, before tax.
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The carrier says it expects winter storms Uri and Viola to account for between $80mn and $90mn of claims absorbed during the period.
