Arch expands cyber business in Spain and Portugal

Arch Insurance has announced the appointments of Jose Carlos Jiménez Fernández and Rafael Ortiz Losada as senior cyber underwriters in Madrid. Jiménez Fernández and Ortiz Losada join Dublin-based Arch Insurance (EU), which provides specialist property and casualty insurance solutions within the European Union. Arch has identified cyber as a healthy growth market and will use its Madrid team to drive the effort in Spain and Portugal. It said the new appointments “will be responsible for growing Arch’s European cyber insurance portfolio, writing primary and excess coverage across a broad range of sectors including energy & utilities, financial institutions and manufacturing”. Jiménez Fernández joins Arch from Tokio Marine HCC, where he was most recently cyber manager for southern Europe, the Middle East and Africa, and Latin America. Prior to this, he was a senior cyber underwriter at AIG and has also held cyber risk management and security roles at Deloitte, PwC and EY. Ortiz Losada joins from AIG, where he was most recently a senior cyber underwriter based in Madrid. Prior to this, he worked at Deloitte for more than five years, rising to the position of senior consultant for cyber risk. Commenting on the announcement, Matthew Brophy, chief underwriting officer of Arch Insurance (EU), said: “Jose and Rafael’s combined cybersecurity expertise, local market knowledge and breadth of relationships make them ideal appointments as we open our operations in Spain. We see considerable opportunity to expand our cyber proposition for our brokers in Europe as well as strengthen our overall position in the insurance market across the region. In their new roles, Jose and Rafael will play a central role in facilitating this.” Nicolas Papadopoulo, chief underwriting officer of Arch Capital Group and chief executive officer of Arch Worldwide Insurance Group, added: “Today’s announcement is another important milestone in our European expansion plans. The establishment of operations in Spain will enable us to better service our brokers in the region and bring critical local-market knowledge to support our continued growth.” Arch has grown rapidly in the P&C business over the recent hard market. The group increased its P&C net premium written to nearly $10bn in 2022 from less than $3.6bn in 2018 as overall rates increased cumulatively by over 40%. It is also expanding rapidly in the London specialty market. Gross written premiums written by its Lloyd’s business rose from $522m in 2018 up to $2bn in 2022. The group said it has ambitious growth plans for this business as it explained its appetite at the start of this year. “We continue to strengthen our presence in the market and increase our relevance to our brokers. In 2023, we plan to continue to grow our GWP across more than 20 lines of business and our aim is become a top ten London Market insurer, based on GWP, in the next three years. Based on our current trajectory, we are on track,” it said.

Arch expands cyber business in Spain and Portugal

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