The International Union of Aerospace Insurers (IUAI) announced that Arch Re has joined the union as a member, effective immediately.
Bill Bernens (pictured above), managing director of property and specialty at Arch Re, along with his team, is welcomed into the IUAI community.
Bernens previously attended the union's conference in Montreal as a non-member. The union is the sole association representing insurance and reinsurance risk carriers in the aerospace sector.
In other developments, Arch Insurance North America has completed the acquisition of the US MidCorp and Entertainment insurance business from Allianz, initially announced in April as a $450 million cash deal for select specialty businesses.
Nearly 500 former Allianz employees from the MidCorp and Entertainment units will transition to Arch, ensuring continuity for both brokers and clients.
The businesses will report to chief middle market executive Mark Lange, who took the newly created role recently. He was previously chief strategy officer at the firm.
“I’m looking forward to working with this talented and experienced team to help build out Arch’s middle-market platform,” he said. “One of our guiding principles throughout this transaction has been to emphasize continuity and to maintain a customer-centric mindset, and I know we’re all ready to hit the ground running.”
Parent company Arch Capital Group Ltd also reported its financial results for the second quarter of 2024. For the quarter ending June 30, Arch posted a net income available to common shareholders of $1.3 billion, a significant increase from $661 million in the same period last year.
The after-tax operating income available to common shareholders reached $981 million, up from $726 million in the second quarter of 2023.
Arch also reported underwriting income of $762 million for the quarter, marking a 25.7% increase from the previous year's figure.
What are your thoughts on this story? Please feel free to share your comments below.
