Arch Insurance Group -U.S.- Names Ralph E. Jones III as President and Chief Executive Officer

HAMILTON, Bermuda--(BUSINESS WIRE)--June 4, 2003--Arch Capital Group Ltd. (NASDAQ: ACGL) today announced that, effective July 1, 2003, Ralph E. Jones III will join the company as President and Chief Executive Officer of Arch Insurance Group, a division of Arch Capital Group Ltd. Mr. Jones will be responsible for the management and oversight of Arch's U.S.-based insurance operations and will report to Constantine Iordanou, President of Arch Worldwide Insurance and Reinsurance Group.

Mr. Iordanou said, "Ralph is a proven executive with exceptional insurance industry experience, and will add depth to our senior management team. I am very pleased that he is joining us and look forward to working with him in executing Arch's long-term business plan."

“Ralph is a proven executive with exceptional insurance industry experience, and will add depth to our senior management team. I am very pleased that he is joining us and look forward to working with him in executing Arch's long-term business plan.”

Mr. Jones, age 47, has more than 25 years of insurance industry experience. Prior to joining Arch, he was the Chief Executive Officer of Chubb Specialty Insurance, a strategic business unit within the Chubb Group of Insurance Companies. Previously, he was the Managing Director of Hiscox Insurance Company, Ltd., the United Kingdom and European property and casualty business of Hiscox, plc. Mr. Jones began his career with Chubb, where he served in various senior executive positions, including Chief Underwriting Officer of Chubb Insurance Company of Europe and worldwide manager of its Executive Protection Department.

Arch Capital Group Ltd., a Bermuda-based company with approximately $1.5 billion in equity capital, 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 (collectively, the "Company") may include forward-looking statements which reflect the Company's current views with respect to future events and financial performance. Forward-looking statements involve the Company's current assessment of risks and uncertainties, which may cause actual events and results and prospects to differ materially from those expressed or implied in these statements. Certain information regarding such risks and uncertainties is set forth in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.