Arch Capital

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.

The executive noted “increasing evidence [that] casualty rates widely underpriced and oversold during the last soft market need to increase.”

The Inside P&C news team runs you through the earnings results for the day.

The executive will oversee all aspects of managing direct insurance operations at the business.

Patin will oversee Somers’ overall investment strategy and direct its investment managers.

In addition, Arch Re global CUO Pierre Jal moved to Zurich to take over as Europe CUO, while president Matthew Dragonetti expanded his scope to lead client-centric initiatives.

A 15% tax is in the works, but appears manageable, and with (re)insurance being Bermuda’s largest industry, the territory will take steps to keep companies where they are.