Arch Insurance International has announced the appointment of Marie Penberthy as its new Chief Financial Officer (CFO), pending regulatory approval. Penberthy takes over from Kurt Kittinger, who has held the position since 2020. This strategic appointment is seen as a move to enhance the company’s financial management and support its ambitious growth plans.
About Arch Insurance
Arch Insurance International, founded in 2001, is a segment of Arch Capital Group Ltd. It operates within the London, US, Canada, EU, and Bermuda insurance markets, offering a wide array of property, casualty, and specialty insurance products.
These products address the diverse needs of Arch Insurance International's global clientele. With a strong foothold in these critical markets, Arch Insurance International continues to deliver innovative and customized insurance solutions.
Who is Marie Penberthy?
Penberthy, who joined Arch Insurance (UK) Ltd in 2022 as a financial controller, was promoted to CFO of the UK operations in December 2023. With over 22 years of experience in the insurance sector, including a notable tenure as corporate financial controller at Talbot Underwriting, Penberthy brings a wealth of expertise to her new role.
Marie Penberthy's career is marked by significant experience in senior financial roles within the insurance industry. Her comprehensive understanding of finance functions and her leadership in modernization initiatives have been widely recognized.
Why the Appointment is Important
Penberthy’s promotion is part of Arch Insurance's strategic succession planning following Jason Kittinger's departure from the CFO position. She will be based in London and report directly to Hugh Sturgess, President and CEO of Arch Insurance International.
Sturgess expressed confidence in Penberthy's capabilities. He stated, “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.”
The news comes amid a wave of positive results for Arch Capital Group, the parent organization of Arch Insurance. The company just released its second quarter financial results, showing a net income of US$1.3 billion available to Arch common shareholders, nearly double that of last year’s $661 million.
Among other good news, its after-tax operating income stood at US$981 for its common shareholders, up US$255 million year-on-year. What’s more, Arch’s underwriting income increased by 25.7% to US$762 million in the same timeframe.
Summary
Penberthy steps into the role of Arch Insurance CFO at a financial highpoint for the company. Undoubtedly, its leadership made such an experienced appointment with the hope that it will lead to a continuation of the insurance giant’s positive financial results.