Arch Capital
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Arch Insurance group plucks Star Indemnity cyber chief Shiraz Saeed as its new cyber product manager. -
Hardy Pickering is the second senior financial executive to depart from Hamilton in recent months, after group-level CFO Tony Urasno left in May.
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Arch and Watford Re informed HPS on 1 July that they had terminated the investment agreement, under which the hedge fund managed 69% of the carrier’s portfolio.
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Following strong year-to-date performance, P&C stocks were down in June after a change of tone in a Fed meeting.
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The changing reinsurance market dynamics are impacting reinsurers' ability to raise rates.
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The investment expert has worked for Amundi, Standish Mellon, and Gannett, Welsh & Kotler.
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Several (re)insurer reporters do not anticipate the rate momentum to slow down materially even as they build on exposure growth.
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Arch CEO Marc Grandisson has said he is “not losing sleep” over the prospect of new (re)insurance startups snuffing out the hard market.
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Arch’s combined ratio improved by 1.2 points to 89.2% and company weathered winter storms to produce an underwriting profit just shy of $200mn.
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The carrier joins peers including Tokio Marine Kiln, MS Amlin and Brit.
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The new reinsurance backing is provided by Arch’s Bermudian arm and Lloyd’s syndicate 1955.
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Around 80% of the losses are expected from the reinsurance business.
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