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The Bermudian reported $15mn in catastrophe losses for the quarter, down from $125mn in the same period last year. -
The CEO said the reinsurer expects to post $35mn of fee income a quarter after raising more capital.
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The firm elevated Justin O'Keefe, Cathal Carr, Fiona Walden and Bryan Dalton to US and Bermuda, Europe, casualty & specialty, and property CUOs, respectively.
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The Bermuda Monetary Authority expects carriers on the island to take a 25% share of the total industry loss.
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Arch’s estimate is commensurate with a range of expected insured losses across the global P&C industry of $50bn to $60bn.
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Major questions confront the industry after Hurricane Ian, but no matter the answers, certain outcomes are inevitable.
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Neches will also join the board of directors of the Bermuda-based company, effective immediately.
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The incoming CUO joins from InsurTech MGA Kettle, where he was also CUO.
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Inver Re said the launch was part of its growing inter-disciplinary approach to reinsurance broking.
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The specialty cyber underwriter has appointed David Ross to head up the new outfit.
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The new deputy CIO will have a focus on reinsurance debt investing.
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Hurricane Earl is forecast to pass southeast of Bermuda, but tropical-storm-strength winds are predicted to hit the Island on Thursday.
