Arch Capital has promoted Jerome Halgan to CEO of its Arch Global Reinsurance Group as global property catastrophe reinsurance rates tumble.
Halgan joined Arch in 2009, has served as CEO of Arch Re Bermuda since 2018, and moved into the role of president and chief underwriting officer of Arch Reinsurance Group in 2024. His elevation to group CEO is a signal of continuity rather than change - and in a softening market, continuity of underwriting discipline is a deliberate strategic choice.
"Our approach remains consistent: applying disciplined underwriting, managing the cycle carefully and deepening our relationships with brokers and cedants," Halgan said. "That foundation allows us to deliver the insights and solutions our clients need and to grow the business over the long term."
Arch announced the appointment alongside the promotion of Michael Schmeiser to CEO of Arch Global Mortgage Group. Both will continue to report to president Maamoun Rajeh.
"Jerome and Michael are experienced leaders who are deeply grounded in Arch's underwriting culture and corporate values, and they have consistently outperformed through market cycles," said Rajeh. "Through disciplined capital deployment and strong relationships, both have contributed meaningfully to the strength of our global platform."
Arch's first-quarter 2026 results give the underwriting culture argument concrete weight. The reinsurance unit posted $441 million in underwriting income in the quarter on a combined ratio of approximately 76%, contributing to a consolidated combined ratio of 81.7% - results that come despite reinsurance net premiums declining 6% as traditional and third-party capacity increased. Arch reported approximately $26.9 billion in capital as of March 31, 2026.
The need for disciplined underwriting has been emphasized by recent renewals. The appointment comes after global property catastrophe reinsurance rates fell 12% at the January 1, 2026 renewal, according to Guy Carpenter's Global Property Catastrophe Rate-on-Line Index - the steepest single-year decline in the index in more than a decade. Howden Re put the risk-adjusted figure at 14.7%, the largest year-on-year reduction since 2014.
Brokers including Aon, Gallagher Re, Guy Carpenter and Howden attributed continued competitive conditions through April 2026 renewals to lower natural catastrophe losses, strong reinsurer balance sheets and abundant capacity. A 76% reinsurance combined ratio in that environment is a meaningful data point in the argument for disciplined cycle management over volume pursuit.
The Halgan appointment follows a broader restructuring at Arch. On June 3, Arch expanded Rajeh's role as president to include oversight of the Insurance segment alongside Reinsurance and Mortgage, transitioning the company to a single-president model. The Halgan and Schmeiser promotions complete the senior leadership picture under that new structure, giving each major business unit a dedicated CEO reporting into a unified presidency.
