He sees the mayhem that accompanied the 1 January 2023 renewal not solely as a byproduct of hard-market distress, but also from an “ineffective and irresponsible” belief that delaying indicative pricing until late in a renewal will provide tactical gains. With that in mind, Rajeh is keen to push the importance of the industry’s improving on delivering clear, forward-looking communications around renewal times. "In our world, we spend a lot of time trying to be forward-minded… just trying to figure out where our clients really need us.”
“That sometimes traps people into a mindset and… strategies that are outdated and off cycle,” he says. Rajeh blames the “heavily rearview-mirrored” navigating system on which reinsurers typically rely. Next and key is the ability to recognise and manage the market cycle and having excess capital “so it's there and ready when it needs to be deployed”. “For me, it starts with a crystal-clear understanding of why you exist as a reinsurer… we recognise that we're in business solely to help our clients achieve their potential,” Rajeh says. The reinsurance CEO identifies three key factors at work in laying the ground for Arch Re’s expansion (the firm’s top line is 5x that of five years ago). What is the secret to having been able to truly lean into a rising cat market? Secondly, his optimism that the overall reinsurance sector is set for a phase of growth and prosperity after a challenging phase in which, for many hybrid carriers, reinsurance became a problem to manage. Firstly, the hope that cedants will remember and reward the reinsurers that were there when they needed them. This attitude is perhaps reflective of a couple of points he raises. You might expect this diffusion of gains would grate somewhat to a company that was early out of the gates, but he seems relaxed about it.
Some having been quite public about paring back cat exposure – or, in the case of Axis Re, exiting outright – over the past year.Įven so, there is an element to which “the high tide raises all”, as Rajeh notes. “ aspirational, and everybody thinks that they're doing it.”Ĭlearly, this is not the case for all reinsurers – as otherwise the market would not have turned. Both will report to Galipeault.Now, as CEO Maamoun Rajeh says, the topic has become popularised on earnings calls. Emily Crewe has been promoted to chief operating officer and will be keeping her existing title as chief financial officer, which she has held since 2019. John Moller has been promoted to chief underwriting officer.
#ARCH INSURANCE PROFESSIONAL#
Galipeault has a bachelor’s degree in international development and globalization, economics, at the University of Ottawa, as well as his Chartered Insurance Professional (CIP) designation from the Insurance Institute of Canada.īefore joining Arch, Galipeault was an account executive with Insurance Insight.Īrch Insurance Canada has also expanded its leadership team. He then assumed the role of chief regional executive in 2019. He joined Arch’s Warranty and Lender Solutions group in 2013, when he held the role of vice president of specialty consumer programs. Galipeault will also be keeping his title of chief regional executive. Jean-Pierre (J.P.) Galipeault is now president of Arch Insurance Canada. New leadership team at Arch Insurance CanadaĪDVANTAGE DAILY: Canadian Headlines from Canadian Underwriter - JanuNew leadership team at Arch Insurance Canada People, History and Industry Involvement.
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