Results
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The results were disclosed in parent company Fairfax’s quarterly earnings. -
The conglomerate expects pre-tax losses from Hurricane Milton of between $1.3bn-$1.5bn in Q4.
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The firm is still operating within its catastrophe budget for the year, CEO Scott Egan said.
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The company has grown its premium base by 12% annually over the last five years.
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The carrier booked $30.6mn of favourable development in the quarter.
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Arch is assuming an industry loss related to Helene in the $12bn-$14bn range.
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Andrade flagged expected 5% to 10% increases in the US and Europe.
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The company’s reshaping of the book will be substantially completed by year end.
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The global market is stabilising and softening, and casualty and specialty lines are generally stable, the CEO said.
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The broker posted a net loss of $1.67bn including pre-tax non-cash losses.
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Most of the $279mn in cat losses came from the reinsurance segment.
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The reinsurance CoR rose 12.3 pts to 92.3% following $364mn of cat losses in the quarter.
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