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The carrier is likely to exceed its Q1 large-loss budget due to the California wildfires. -
The carrier reported cat price reductions of 5.4% at the January renewals.
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EGPI growth at the carrier’s Alternative Solutions unit jumped 29.6%.
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The executive has worked in a variety of senior underwriting roles at the reinsurer.
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Parker headed up the special risks division.
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The carrier has around $2.5bn-$4bn of reinsurance cover specifically for California risk.
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CEO Jim Williamson said social inflation was a “growing barrier” to a vibrant economy.
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Munich Re and Berkshire Hathaway are among the major providers to large California cedants.
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The California fires will test post-2018 treaty revisions – and reinsurers’ nerves.
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Somers Re is valued at ~$1.3bn, according to disclosures made in Arch’s Q3 2024 SEC filings.
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The reinsurer has made improvements to its life and health segment, it said.
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The carrier has received more than 3,600 claims from LA wildfires.
