Arch Capital
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Strack has worked at Arch for close to four years.
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There was no material development on long-tail casualty lines across all years, he said.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Kirsten Valder has been with Arch for 10 years and before then was a partner at Kennedys Law.
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Will Arch’s new acquisition be another success story, or more trouble than it’s worth?
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The deal includes an LPT of ~$2bn loss reserves for 2016-2023 years with Arch Re.
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Doppstadt and Paglia have served on the board for 14 and 10 years, respectively.
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Joe Morrello joined the firm in 2022 after serving as E&S property head at Beazley.
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Vanessa Hardy Pickering and Lester Pun have also been promoted.
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CEO Grandisson described Arch as "bullish" in its prospects for 2024.
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Given a number of complexities, the landing zone on a take-out price is small.
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Earlier in the process, sources linked Sentry Insurance with a bid for the E&S insurer.
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With mixed results in the reinsurance space, the specialty pivot remains a "show-me" story.
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Axis’s reserve cleanup removes longstanding overhang and narrows the credibility gap.
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Participating in the funding round were Caffeinated Capital, Altai Ventures, Zigg Capital, 8VC, Buckley Ventures, Habitat Partners and Arch Capital.
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The deal follows this publication’s report that the Bank of America-run sale process of Castel was drawing robust interest.
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Ratings could be lowered by one notch depending on regulatory restrictions on cash flow from Bermuda operating entities to non-operating holding companies, the ratings agency said.
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The consideration is expected to be around $140mn plus a $25mn dividend.
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The five-person underwriting team will be led by Ian Lewis, who has been named head of intangible assets.
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The executive noted “increasing evidence [that] casualty rates widely underpriced and oversold during the last soft market need to increase.”
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The Inside P&C news team runs you through the earnings results for the day.
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The executive will oversee all aspects of managing direct insurance operations at the business.
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Patin will oversee Somers’ overall investment strategy and direct its investment managers.
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In addition, Arch Re global CUO Pierre Jal moved to Zurich to take over as Europe CUO, while president Matthew Dragonetti expanded his scope to lead client-centric initiatives.