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Arch Capital's CFO Mark Lyons isn't convinced that third-party capital will stay in the property-catastrophe reinsurance business after big losses hit. But Arch has taken advantage of the recent wave of investor interest in the reinsurance by taking a stake in innovative vehicle focused on casualty side of the business. In an interview with Carrier Management at the Standard & Poor's 2015 Insurance Conference, Lyons explained the vehicle, known as Watford Re.