Arch Capital

Joe Morrello joined the firm in 2022 after serving as E&S property head at Beazley.

Vanessa Hardy Pickering and Lester Pun have also been promoted.

CEO Grandisson described Arch as "bullish" in its prospects for 2024.

Given a number of complexities, the landing zone on a take-out price is small.

Earlier in the process, sources linked Sentry Insurance with a bid for the E&S insurer.

With mixed results in the reinsurance space, the specialty pivot remains a "show-me" story.

Axis’s reserve cleanup removes longstanding overhang and narrows the credibility gap.

Participating in the funding round were Caffeinated Capital, Altai Ventures, Zigg Capital, 8VC, Buckley Ventures, Habitat Partners and Arch Capital.

The deal follows this publication’s report that the Bank of America-run sale process of Castel was drawing robust interest.

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.

The consideration is expected to be around $140mn plus a $25mn dividend.

The five-person underwriting team will be led by Ian Lewis, who has been named head of intangible assets.