Arch Insurance Group Inc., has announced the promotion of Joe Morello to the role of Executive Vice President, Head of E&S Property.
Prior to his appointment, Morello, who has over three decades of experience, served as SVP E&S Property at Arch Insurance for over two years.
He had joined the company following over five years with Beazley, where served as Head of E&S Property and HVH.
Commenting on Morello’s promotion, Valerie Turpin, Chief Underwriting Officer, Property, said: “In a little over 2 years, Joe has successfully extended the position and reputation of Arch E&S Property to the best in class in our industry.
“Joe will continue to develop the E&S Property excellence as we roll out new solutions to our customers, focus on outstanding delivery of our services and enhance our analytics capabilities.”
Prior to Morello he was part of Axis Capital, where he served as SVP, Property for almost four years. Before that he was the Regional Underwriting Manager – Eastern and Southern Regions for Beazley for over six years.
Morello’s appointment comes at a time when Arch Capital Group Ltd. is experiencing strong financial results, as it has recently reported a group net income of $2.3bn in the fourth quarter of 2023.
The firms also reported a combined ratio of 78.9% compared with 73.5% a year earlier as catastrophe losses increased. The firm’s reinsurance segment reported a 9.7% gross premiums written increase, to $2bn and net premiums written (NPW) of $1.6bn, a 0.9% increase.
