Reinsurance News
Arch Capital Group
Arch sets up subsidiary to channel Freddie Mac mortgage risk to reinsurers
14th March 2018
Arch Capital Group Ltd. has announced that a newly established U.S subsidiary, Arch MRT, will be piloting a new mortgage credit risk transfer program, called Integrated Mortgage Insurance (IMAGIN), in conjunction with the Federal Home Loan Mortgage Corporation (Freddie Mac). The arrangement will see Arch underwriting risks from Freddie Mac and ... Read the full article
Arch Capital reveals $60-75mn Q4 catastrophe loss impact
10th January 2018
Arch Capital Group has released an estimated $60 to $75 million impact from the California wildfires and other catastrophes to Q4 results and an additional estimated $15 to $20 million charge on net deferred tax assets related to the impact of lower U.S. corporate tax rates beginning in 2018. The estimated losses ... Read the full article
Kewsong Lee to resign from Arch Capital
7th November 2017
Kewsong Lee has resigned from Arch Capital Group's Board of Directors following his promotion at Carlyle Group LP to co-CEO, with effect from January 1st, 2018. Constantine (Dinos) Iordanou, Chairman and CEO of ACGL, said; “we thank Kewsong for his outstanding service to the Company. "He has been a director since our ... Read the full article
Rates need to reflect changing risk perception, suggests industry execs
3rd November 2017
The pricing of catastrophe risks in the insurance and reinsurance sector needs to reflect the increased severity and frequency of events, and the extremely costly third-quarter could lead to a change in risk perception, according to industry executives. Historically, the occurrence of significant price increases across the reinsurance market happens at ... Read the full article
Arch secures $368mn of mortgage reinsurance through new ILS transaction
26th October 2017
Arch Capital Group's mortgage insurance (MI) business has secured $368 million of indemnity reinsurance protection via the capital markets from Bellemeade Re 2017-1 Ltd., a special purpose insurance vehicle. The latest issuance under the Bellemeade Re vehicle is the largest yet and a first for Arch's Mortgage Group, and is ... Read the full article
Arch estimates Q3 catastrophe losses of up to $345 million
13th October 2017
For the third-quarter of 2017, Arch Capital Group Ltd. has provided an estimated loss of between $285 million and $345 million from catastrophe events, which includes the Mexico earthquakes, and Hurricanes Harvey, Irma, and Maria. The firm's estimate is based on a total re/insurance industry loss for the quarter of between ... Read the full article
Arch announces series of senior reinsurance executive promotions
11th October 2017
Arch Capital has announced a string of promotions of senior executives within its Worldwide Reinsurance Group management. Arch Reinsurance Company President and Chief Executive Officer in the U.S. Jerome Halgan has been promoted to the role of Chief Executive Officer of Arch Reinsurance in Bermuda. Matt Dragonetti, currently Head of Property at ... Read the full article
Arch Capital appoints new insurance & reinsurance CEOs
20th September 2017
Arch Capital Group Ltd. has named Maamoun Rajeh Chairman and Chief Executive Officer (CEO) of Arch Worldwide Reinsurance Group, and Nicolas Papadopoulo as Chairman and CEO of Arch Worldwide Insurance Group and Chief Underwriting Officer (CUO) for Property & Casualty Operations. Rajeh joined Arch in 2001 and currently serves as President ... Read the full article
Arch gets negative outlook from A.M. Best on United Guaranty risks
31st August 2017
Bermudian insurance and reinsurance firm Arch Capital Group Ltd. and its Arch Reinsurance Ltd. subsidiary have both had negative outlooks assigned to their credit ratings by A.M. Best. The negative outlooks are due to A.M. Best's view that Arch has experienced a "significant increase in financial leverage" due to the issuance ... Read the full article
Arch completes AIG United Guaranty Insurance (Asia) takeover
5th July 2017
Arch Capital Group Ltd. has now announced that on July 1st, 2017, it completed its acquisition of American International Group, Inc.'s (AIG) subsidiary, AIG United Guaranty Insurance (Asia) Limited. Arch has said that it plans to immediately change the company name to Arch MI Asia Limited (Arch MI Asia), and that Tak ... Read the full article
Arch Insurance grows Travel business division with new hires
30th June 2017
Insurance and reinsurance provider, Arch Capital Group Ltd.'s subsidiary, Arch Insurance Group, Inc., has bolstered its Travel business division with a number of new appointments, effective June 5th, 2017. Both Cory Sobczyk and Dan Povondra have joined Arch as Vice Presidents of Business Development, while Lynn Barty has joined the firm ... Read the full article
Fitch continues to assess United Guaranty impact on Arch
22nd June 2017
Ratings agency Fitch is maintaining a negative rating watch on the debt of insurance and reinsurance specialist Arch Capital Group Ltd., in the wake of the firms acquisition of mortgage insurance player United Guaranty Corporation from AIG. Bermudian re/insurer Arch completed the acquisition of United Guaranty from insurance giant AIG ... Read the full article
Arch Re appoints François Dagneau as CEO of Canada branch
19th June 2017
Arch Reinsurance Company has named François Dagneau as the new Chief Executive Officer of its Canada branch, replacing Patrick McGuiness, who is retiring from the company. Dagneau, who has a 25 year career in the insurance and reinsurance market, joins Arch Re's Canadian operations from reinsurance broker Aon Benfield, where he ... Read the full article
AIG could raise as much as $670m from Arch share sale
14th June 2017
Global insurer AIG is set to raise up to $670 million from the sale of shares it holds in Bermuda-based insurance and reinsurance specialists Arch Capital Group Ltd. The secondary share offering has now closed, with the 6,381,410 common shares offered by affiliates of American International Group, Inc. priced at $92.50 ... Read the full article
AIG to sell $600m Arch shares gained from United Guaranty sale
9th June 2017
Insurer AIG is to sell $600 million worth of shares it owns in Bermudian insurance and reinsurance group Arch Capital Group Ltd., a holding that AIG gained when it sold mortgage insurer United Guaranty to Arch. Arch completed its acquisition of United Guaranty Corporation (UGC) from American International Group (AIG) ... Read the full article