PEMBROKE, Bermuda--(BUSINESS WIRE)--Insert at end of first sentence of release: subject to regulatory approval.
The corrected release reads:
ARCH CAPITAL GROUP NAMES SEAMUS FEARON EVP, CREDIT RISK TRANSFER AND SERVICES, GLOBAL MORTGAGE GROUP
Arch Capital Group Ltd. (Arch) today announced that Seamus Fearon has been promoted to Executive Vice President, Credit Risk Transfer and Services, Global Mortgage Group, subject to regulatory approval. In this role, Fearon will have responsibility for managing Arch’s credit risk transfer (CRT) business and growing its credit risk services offerings. He most recently was Chief Actuary of Arch’s Global Mortgage Group, where he oversaw its capital management framework and the development of its analytics and modeling capabilities. This newly created role highlights Arch’s focus on participating in credit risk transfer programs and supporting customers who would like to enter that growing market.
“As the mortgage insurance market in the U.S. becomes even more competitive, it’s important for Arch to diversify its mortgage business to ensure we remain at the forefront of the industry,” said David Gansberg, CEO of Arch’s Global Mortgage Group. “Seamus brings both an analytical perspective and business acumen to these units and I look forward to additional focus on these growth areas.”
Arch has been a market leading participant in Government Sponsored Enterprise (GSE) CRT programs dating back to 2013 when it partnered with Freddie Mac to develop its risk transfer program with the reinsurance market.
Arch Credit Risk Services (ACRS) offers clients access to the significant mortgage underwriting and analytical expertise of Arch’s Global Mortgage Group, which includes Arch Mortgage Insurance (MI) Company, the largest provider of MI in the U.S. ACRS will seek to partner with companies that desire to leverage its understanding of the GSE CRT programs and U.S. mortgage insurance market.
Fearon joined Arch in 2012 and is a Fellow of the Institute and Faculty of Actuaries. He holds a B.Sc. in Actuarial and Financial Mathematics from Dublin City University.
About Arch Capital Group Ltd.
Arch Capital Group Ltd., a Bermuda-based company with approximately $11.85 billion in capital at March 31, 2019, provides insurance, reinsurance and mortgage insurance 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.