NEW YORK--(BUSINESS WIRE)--Arch Insurance today announced that Stephen Ruschak has been hired as Executive Vice President, Surety. Ruschak most recently was Chief Executive Officer of The Guarantee Company of North America.
In this role, Ruschak will have responsibility for Arch’s Surety business and will report to Rich Stock, Chief Underwriting Officer, Large Account Casualty, Surety, and Warranty/Lender Solutions for Arch Insurance North America.
“We’re fortunate to have someone of Stephen’s caliber join our team. His unique background, including experience leading and profitably growing companies, will allow him to bring different perspectives to this role and to our company,” said Stock. “This hire demonstrates our commitment to both the surety and construction markets. I’m looking forward to Stephen’s contributions to our distribution partners, clients and to our company. We expect to continue to expand the solutions we provide to both the Commercial and Contract Surety markets.”
“I’m excited to join a leading organization like Arch, and the Surety team specifically,” said Ruschak. “Arch is known as a forward-thinking company that emphasizes innovation and service. There is a strong team in place and I’m looking forward to getting started.”
Matthew Shulman, CEO Arch Insurance North America, added, “The Surety business is a key part of our diversified specialty portfolio and we are very excited to add Stephen to our management team and to lead this business.”
Ruschak holds a B.A in History from Albion College, a J.D from the University of Detroit School of Law and an MBA from the University of Chicago Booth School of Business.
About Arch Insurance North America
Arch Insurance North America, part of Arch Capital Group Ltd., includes Arch’s insurance operations in the United States and Canada.
About Arch Capital Group Ltd.
Arch Capital Group Ltd., a Bermuda-based company with approximately $15.2 billion in capital at September 30, 2020, 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 the Company’s ability to maintain and improve its ratings; investment performance; the loss of key personnel; the adequacy of the Company’s 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, including pandemics such as COVID-19; the impact of acts of terrorism and acts of war; changes in regulations and/or tax laws in the United States or elsewhere; the Company’s ability to successfully integrate, establish and maintain operating procedures as well as consummate acquisitions and integrate the businesses the Company has 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 the Company of reinsurance to manage the Company’s gross and net exposures; the failure of others to meet their obligations to the Company; changes in the method for determining the London Inter-bank Offered Rate (“LIBOR”) and the potential replacement of LIBOR and other factors identified in the Company’s filings with the U.S. Securities and Exchange Commission (“SEC”).
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. 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.
Source: Arch Insurance Company