Arch Insurance appoints new CRO
Arch Capital Group has estimated that it will see pre-tax net catastrophe losses of $330-345 million for the third quarter across its property casualty insurance and reinsurance business. The total includes losses from Hurricane Ida, the European floods and other global events. About two-thirds of the losses relate to its reinsurance business.
“The company’s estimates are commensurate with estimated insured losses across the global property/casualty insurance industry in excess of $45 billion this quarter, comprised of industry estimates of approximately $30 billion for Hurricane Ida, $12 billion for the European floods and over $5 billion for other global events,” it said in a statement.
There remained, however, “significant uncertainties surrounding the ultimate number of claims and scope of damage resulting from these events”, it added, and the losses reflect only claims incurred by the end of September.
“Actual losses from these events may vary materially from the estimates due to several factors, including the inherent uncertainties in making such determinations,” the company said.
Despite the losses, the company announced at the same time that its board of directors has increased its share repurchase program to an aggregate of up to $1.5 billion, which “may be effected from time to time in open market or privately negotiated transactions” through to the end of 2022, it said.
The new program replaces its existing share repurchase authorization, which has been fully utilized, it added.
Arch Capital Group, Insured Losses, Catastrophe, P&C, Insurance, Reinsurance, Global