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 approvals.
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 – Specialty 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 Re Facultative.
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.
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 Commission.
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.