|[July 07, 2014]
Arch Capital Group Ltd. Announces Reinsurance Group Promotions
HAMILTON, Bermuda --(Business Wire)--
Arch Capital Group Ltd. [NASDAQ:ACGL] today announced promotions in the
reinsurance group to support the recent expansion of the Company's
mortgage insurance and reinsurance operations.
Marc Grandisson recently assumed the position of Chairman and CEO of
Arch Worldwide Reinsurance and Mortgage Groups, responsible for the
Company's global reinsurance and mortgage operations. Mr. Grandisson has
been with the Company since 2001 and has led the Company's reinsurance
group since 2005. He reports to Constantine (Dinos) Iordanou, Chairman,
President and CEO of ACGL.
Nicolas Papadopoulo has been promoted to the position of CEO Reinsurance
Group. In that role, Mr. Papadopoulo will have direct responsibility for
the Company's global reinsurance operations and will report to Mr.
Grandisson. Mr. Papadopoulo has been with the Company since 2001 and
most recently served as Chairman and CEO of Arch Reinsurance Ltd. based
in Bermuda (Arch Re Bermuda).
Maamoun Rajeh, who is President and CEO of Arch Reinsurance Europe
Underwriting Limited (Arch Re Europe), will assume the position of
Chairman and CEO of Arch Re Bermuda, reporting to Mr. Papadopoulo. Mr.
Rajeh has been with the Company since 2001. Scott Stirling also recently
joined Arch Re Bermuda and will assume the position of Chief
Underwriting Officer of Arch Re Bermuda. Mr. Stirling has over 30 years
of reinsurance underwriting experience and most recently served as Vice
President - Underwriting Officer of Berkshire Hathaway, where he
previously worked with Mr. Grandisson and other members of the Company's
senior team. The above changes are subject to applicable immigration
Michael Hammer, who is Head, Credit & Surety of Arch Re Europe, will
succeed Mr. Rajeh as President and CEO of Arch Re Europe, subject to the
approval of the Central Bank of Ireland. Mr. Hammer has been with the
Company since 2012 and has over 20 years of reinsurance industry
experience. Additionally, Pierre Jal has been promoted to the new
position of Chief Underwriting Officer of Arch Re Europe. Mr. Jal joined
the Company in 2007 and most recently served as Chief Underwriting
Officer Property and Casualty of Arch Re Europe.
Jerome Halgan will assume the position of President of Arch Reinsurance
Company based in New Jersey (Arch Re US), reporting to Tim Olson,
Chairman and CEO of Arch Re US. Mr. Halgan joined the Company in 2009,
serving most recently as Chief Underwriting Officer of Arch Re Bermuda.
Mr. Halgan's appointment is subject to applicable immigration approvals.
In addition, James Franson has been promoted to the position of
Executive Vice President - Chief Underwriting Officer of Arch Re US and
will report to Mr. Halgan. Mr. Franson has been with the Company since
2001, serving most recently as Executive Vice President - Speialty
Casualty. Mr. Franson succeeds Dale Vincent, who has assumed the new
position of Managing Director in the Company's growing mortgage
insurance division, where he will play a key role in developing and
executing strategic initiatives. Mr. Vincent joined the Company in 2001,
serving in various senior roles, including Chief Underwriting Officer of
Arch Re US.
Kenneth Vivian has succeeded Steven Franklin as the President and CEO of
Arch Re Facultative. Mr. Vivian joined the Company in 2007 as Executive
Director of Arch Re Facultative. Mr. Franklin will continue with the
Company as a Senior Advisor for the reinsurance division. In addition,
Scott Montgomery and Santiago Hernandez have been promoted to the
position of Executive Director. Mr. Montgomery joined the Company in
2007 as a Managing Director of Arch Re Facultative, and Mr. Hernandez
has been with the Company since 2007 as Chief Referral Officer of Arch
With respect to the Company's mortgage operations, and as previously
announced, Andrew Rippert serves as CEO Global Mortgage Insurance and
Reinsurance, reporting to Mr. Grandisson, and Arch U.S. MI is led by
President and CEO David Gansberg, who reports to Mr. Rippert.
Additionally, Giuliano Giovannetti serves as President and CEO of Arch
Mortgage Insurance Limited based in Ireland, reporting to Mr. Rippert.
Constantine (Dinos) Iordanou, Chairman, President and CEO of ACGL, said,
"The new promotions and management changes will support the expansion of
our mortgage insurance and reinsurance business. Our ability to promote
from within is another indication of the depth and strength of the
management team we have built at Arch. Having worked with Marc, Nicolas
and the other members of the senior team for many years, I have a lot of
confidence in them and am very pleased that they will lead our
reinsurance operations into the future."
Mr. Grandisson added, "Our reinsurance group is in very able hands. I
believe that we are well positioned to capitalize on opportunities in
the marketplace and to face market challenges. All of us at Arch would
also like to thank Steve Franklin for his essential role in building our
facultative group since joining us in 2007, and we also look forward to
his continued involvement with the Company in his new position."
About Arch Capital Group Ltd.
Arch Capital Group Ltd., a Bermuda-based company with approximately
$6.79 billion in capital at March 31, 2014, provides insurance and
reinsurance on a worldwide basis through its wholly owned subsidiaries.
Cautionary Note Regarding Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a "safe
harbor" for forward-looking statements. This release or any other
written or oral statements made by or on behalf of Arch Capital Group
Ltd. and its subsidiaries may include forward-looking statements, which
reflect our current views with respect to future events and financial
performance. All statements other than statements of historical fact
included in or incorporated by reference in this release are
Forward-looking statements can generally be identified by the use of
forward-looking terminology such as "may," "will," "expect," "intend,"
"estimate," "anticipate," "believe" or "continue" or their negative or
variations or similar terminology. Forward-looking statements involve
our current assessment of risks and uncertainties. Actual events and
results may differ materially from those expressed or implied in these
statements. A non-exclusive list of the important factors that could
cause actual results to differ materially from those in such
forward-looking statements includes the following: adverse general
economic and market conditions; increased competition; pricing
and policy term trends; fluctuations in the actions of rating
agencies and our ability to maintain and improve our ratings;
investment performance; the loss of key personnel; the
adequacy of our loss reserves, severity and/or frequency of
losses, greater than expected loss ratios and adverse development on
claim and/or claim expense liabilities; greater frequency or
severity of unpredictable natural and man-made catastrophic events; the
impact of acts of terrorism and acts of war; changes in regulations
and/or tax laws in the United States or elsewhere; our ability to
successfully integrate, establish and maintain operating procedures as
well as integrate the businesses we have acquired or may acquire into
the existing operations; changes in accounting principles or
policies; material differences between actual and expected
assessments for guaranty funds and mandatory pooling arrangements; availability
and cost to us of reinsurance to manage our gross and net exposures; the
failure of others to meet their obligations to us; and other
factors identified in our filings with the U.S. Securities and Exchange
The foregoing review of important factors should not be construed as
exhaustive and should be read in conjunction with other cautionary
statements that are included herein or elsewhere. All subsequent written
and oral forward-looking statements attributable to us or persons acting
on our behalf are expressly qualified in their entirety by these
cautionary statements. We undertake no obligation to publicly update or
revise any forward-looking statement, whether as a result of new
information, future events or otherwise.
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