Arch Capital
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In the last round of marketing, the firm said it would lift the principal to $125mn-$150mn after initially seeking just $100mn.
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It will be the insurer’s first foray into the cat bond market. -
The coverage was obtained by issuing approximately $523mn in bonds and $93mn in direct reinsurance.
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The deal is the carrier’s fourth ILS transaction of 2020.
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Significant start-up moves this month included Kathleen Faries and Julia Henderson joining Lavant and Piers Cantlay signing up to join McGill.
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The move comes days after Artex announced the hire of his brother Adrian.
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The Bermudian is adding $10mn-$15mn to its Covid loss estimate as claims climb.
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Transaction marks the company’s second mortgage ILS deal of the year.
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Insider promoted after 10 years’ service.
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The carrier raised $528mn of limit via its latest Bellemeade Re cat bond, including $78mn of direct reinsurance.
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The late July High Court hearing will also involve Arch, Argenta and QBE.
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Quarterly operating profit slipped 31 percent year on year, narrowly missing an analyst estimate.
