Arch’s estimate is commensurate with a range of expected insured losses across the global P&C industry of $50bn to $60bn.

The executive will report directly to SiriusPoint CEO Scott Egan, who joined SiriusPoint from RSA in early September.

The full-year results for 2021 also show the Bermudian start-up held $333mn of net premiums written, as at December last year.

Neches will also join the board of directors of the Bermuda-based company, effective immediately.

The shares expected to be bought back in the tender offer represent around 11.5% of White Mountains' shares outstanding as of August 19.

The firm’s leadership said a pattern of strong results is needed before triggering an IPO process.

Jonathan Zisaruk will be based in London and report to group CEO Will Bridger.

ABIR reported that Bermudians posted a total loss ratio of 69.9% and a combined ratio of 100.1% last year.

Nat cat losses added 11.8 points to the combined ratio at 101.5% over five years on average, S&P has found.

The combined ratio improvement was driven by an increase in net premiums earned, favorable development of net loss reserves from prior accident years and current devaluation.

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The carrier said increased demand should maintain upward rate pressure at January 1.