Arch Capital
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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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The carrier is among the first P&C insurers to release anticipated loss numbers ahead of the third-quarter earnings season.
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Trading Risk looks at the dominant themes that the ILS market will be discussing at the 63rd Monte Carlo Reinsurance Rendez-Vous in September.
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The carrier has meaningful available capacity to deploy, according to CFO François Morin.
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The insurer said it was looking forward to expanding Barbican’s relationships with third-party capital.
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Arch Mortgage Insurance raised $701mn in the largest mortgage ILS deal to date, while National Mortgage Insurance is hoping to raise $327mn.
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The CEO of Arch puts Jebi industry loss estimate at $13bn.
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Arch’s reinsurance underwriting income for the first quarter of this year plummeted by 61.9 percent to $20.9mn. -
The cover was raised across five tranches.
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Arcus plans to continue expanding its US property insurance business this year after hiring a new team to write the class in 2018.
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The Credit Suisse-backed managing general agent took a £6.6mn loss in 2018, down from £7.7mn the year before.
