Arch Capital News

Insurers Face Disputes with Their Reinsurers over UK COVID-19 Business Income Claims

Top insurance companies, ordered by Britain’s highest court to pay thousands of small businesses millions of pounds in claims for COVID-19 disruption, are facing a battle with reinsurers over who should foot the bill, industry sources said. Bars, beauty parlors, …

Papadopoulo Promoted to President, Chief Underwriting Officer of Arch Capital Group

Arch Capital Group Ltd. (ACGL) announced that Nicolas Papadopoulo will be promoted to the position of president and chief underwriting officer, effective Jan. 1, 2021. Papadopoulo joined Arch in 2001 and currently serves as chairman and CEO of Arch Worldwide …

Arch Capital Bests Enstar with Offer to Acquire Watford for $622 Million

Arch Capital Group Ltd., which had been reported to be pursuing a deal, has agreed acquire all the common shares of Watford Holdings Ltd. in an all-cash transaction valued at approximately $622 million, or $31.10 per share. Following closing, which …

California Wildfires Top Arch Capital’s Q4 Catastrophe Losses of $60M-$75M

Arch Capital Group reports estimated pre-tax losses of $60 million to $75 million from fourth quarter catastrophic events, primarily the California wildfires. This estimated range of losses – net of reinsurance recoveries and reinstatement premiums – updates previous estimates from …

More Re/Insurers Issue Their Q3 Natural Catastrophe Loss Estimates

The third quarter natural catastrophe loss estimates continue to rise, as more insurers and reinsurers weigh in with their loss totals from Hurricanes Harvey, Irma and Maria, and the Mexico earthquakes. The latest companies to provide estimates include: AXIS Capital …

AXIS Capital’s New Bermuda Operation, Harrington Re, Raises $600M

Harrington Re, a fledgling Bermuda operation sponsored by AXIS Capital Holdings Ltd., has raised $600 million in capital designed to beef up underwriting and investment plans put forth by its sponsor. Blackstone Group will assist with investment management. For AXIS, …

Brexit Would Create Extra Burden for Reinsurers, Caution CEOs

While insurers and reinsurers will be able to deal with the aftermath of an exit of the U.K. from the European Union, the time and cost involved are unwelcome intrusions to the business, executives suggested here. Plan B might be …

Watford Re Forms E&S Insurer Watford Specialty, Partnering with Arch

Watford Re Ltd. has formed a new excess and surplus lines insurer called Watford Specialty Insurance Co. (WSIC), based in Morristown, N.J. WSIC’s lines of business “will be similar to what we’ve been targeting on the reinsurance side, i.e., casualty …

Zika Virus Concern Boosts Travel Insurance Sales: Reuters

Travel insurance sales for trips to Latin America have surged as vacationers consider scrapping their plans to avoid the rapidly spreading Zika virus, one of the top U.S. providers, RoamRight, told Reuters on Monday. The Maryland-based company, part of insurer …

Arch Capital Group Ltd. Names Grandisson President & Chief Operating Officer

Bermuda-based Arch Capital Group Ltd. (ACGL) announced that Marc Grandisson will be promoted to the position of president and chief operating officer, effective Jan. 1, 2016. Grandisson, 48, joined the company in 2001 and currently serves as chairman and chief …