Arch Insurance International has announced the promotion of Marie Penberthy (pictured above) to chief financial officer (CFO), pending regulatory approval.
As CFO, Penberthy will oversee the finance department, including accounting, financial planning and analysis, and reporting. She will be based in London and report directly to Hugh Sturgess, president and chief executive officer of Arch Insurance International.
Penberthy joined Arch Insurance (UK) Ltd in 2022 as a financial controller and was promoted to CFO of the UK operations in December 2023. Her previous experience includes serving as corporate financial controller at Talbot Underwriting. Throughout her 22-year career, she has held senior financial positions within the insurance sector.
This promotion is part of Arch’s succession planning strategy and follows the departure of Jason Kittinger from the CFO position.
Sturgess highlighted that Penberthy brings a comprehensive understanding of the finance function to the role.
“Marie is a valuable addition to our executive team with a firm understanding of our finance function and a vision for further modernization building on previous successful projects and performance enhancements. She has the support of a very skilled team behind her, I welcome Marie to this role.”
In other recent developments, parent firm Arch Capital Group have also published its financial reports for the second quarter.
For the three months ended June 30, the net income available to Arch common shareholders amounted to US$1.3 billion – an increase from last year’s US$661 million. Meanwhile, after-tax operating income available to Arch common shareholders stood at US$981 million. The corresponding sum in the 2023 second quarter was US$726 million.
Additionally, Arch’s underwriting income for the quarter was US$762 million, representing a 25.7% jump from the previous year’s result.
“Our excellent results this quarter highlight the value of our ongoing commitment to bottom-line returns combined with disciplined execution throughout the underwriting cycle,” chief executive Marc Grandisson said.
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