Arch Capital
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The move comes days after Artex announced the hire of his brother Adrian.
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The Bermudian is adding $10mn-$15mn to its Covid loss estimate as claims climb.
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Transaction marks the company’s second mortgage ILS deal of the year.
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Insider promoted after 10 years’ service.
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The carrier raised $528mn of limit via its latest Bellemeade Re cat bond, including $78mn of direct reinsurance.
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The late July High Court hearing will also involve Arch, Argenta and QBE.
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Quarterly operating profit slipped 31 percent year on year, narrowly missing an analyst estimate.
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The companies warn that the pandemic will likely cause losses and devalue their books and investments.
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The carrier said the market was in the early stages of rate change and it was hard to know how long improvements would last.
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Arch Capital has concluded its fourth mortgage ILS deal this year.
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The provider said the losses were driven by the impact of Hurricane Dorian and Japanese typhoons.
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Upon completion, the carrier will have ceded over $4.7bn of mortgage insurance risk.
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