Arch Capital
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The (re)insurer pegged industry losses from Ida at $30bn and increased its share buyback program to $1.5bn.
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The cat market has a problem with sustained underperformance which, particularly following the ESG Awakening, could attract negative boardroom attention.
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The Inside P&C Select Index outperformed the S&P 500 (5.7% to 2.9%) in August, despite Hurricane Ida making landfall.
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Ebong has worked at Apple and Facebook, while Mallesch was P&C CFO for Nationwide.
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Good news may be temporary, no matter how good it is.
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“I think it's fair to say that the market momentum is clearly there,” Grandisson said on Thursday.
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The insurance division added almost $300mn in premium in the quarter, while volumes in reinsurance were higher by $360mn.
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Arch Insurance group plucks Star Indemnity cyber chief Shiraz Saeed as its new cyber product manager.
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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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