Arch Capital
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The cover was raised across five tranches.
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Arcus plans to continue expanding its US property insurance business this year after hiring a new team to write the class in 2018.
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The Credit Suisse-backed managing general agent took a £6.6mn loss in 2018, down from £7.7mn the year before.
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Pasquesi will step up from being the (re)insurer’s vice chairman, a role he has held since 2001.
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Last year Arch Mortgage Insurance Company bought $1.53bn of cover from the ILS market
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People moves in the industry in the past month
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The (re)insurer has hired at least one former Tokio Millennium Re executive as it prepares to capitalise on disruption in the fronting market. -
People moves in the industry in the past month.
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The updated $110mn to $130mn estimate is more than double the prior projected Q4 loss ahead of the wildfires.
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The deal included one tranche of risk that gained an A rating from Morningstar Credit Ratings.
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The deal is the largest of the mortgage ILS deals to complete to date.
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Arch Capital’s ILS assets under management reached $600mn in 2018.
