HAMILTON, Bermuda--(BUSINESS WIRE)--
Arch Capital Group Ltd. [NASDAQ: ACGL] today announced that, effective
October 1, 2017, Nicolas Papadopoulo will become Chairman and CEO of
Arch Worldwide Insurance Group and Chief Underwriting Officer for
Property & Casualty Operations. Mr. Papadopoulo, who joined Arch in 2001
and currently serves as Chairman and CEO of Arch Worldwide Reinsurance
Group, will succeed David McElroy, who elected to transition from his
role to spend more time with his family. Mr. McElroy will continue with
the Company as Vice Chairman of Arch Worldwide Insurance Group. Maamoun
Rajeh, who also joined Arch in 2001 and currently serves as President
and CEO of Arch Reinsurance Ltd. (Arch Re (Bermuda)), has been promoted
to the position of Chairman and CEO of Arch Worldwide Reinsurance Group.
Dinos Iordanou, Chairman of the Board and CEO of Arch Capital Group
Ltd., said, “Our ability to promote from within is another indication of
the depth and strength of the management team we have built at Arch.
Under the leadership of the continuing senior teams led by Nicolas and
Maamoun, the strategic direction of the Company will not change. We are
confident that our insurance and reinsurance operations will continue to
deliver outstanding results for our shareholders and clients.”
Marc Grandisson, President and COO of Arch Capital Group Ltd., added,
“Having worked with Nicolas and Maamoun since the inception of Arch, I
have a lot of confidence in them and am very pleased that they will lead
our talented insurance and reinsurance teams. We also appreciate David’s
significant contributions over the past eight years and are extremely
pleased with his continued active participation with the Company moving
forward.”
Mr. McElroy commented, “It has been a pleasure working with our top
notch insurance group team in continuing to establish Arch as a
significant participant in the worldwide insurance marketplace, and I am
confident that the existing insurance leadership team led by Nicolas
will build on our success. I look forward to continuing to contribute to
the Company through my ongoing role and working with Nicolas to ensure a
smooth management transition.”
Mr. Papadopoulo has over 30 years of experience in the insurance
industry and has previously served in various senior executive positions
at Arch, including Chief Underwriting Officer of Arch Re (Bermuda) and
President and CEO of Arch Re (Bermuda), as well as Chairman and CEO of
Arch Worldwide Reinsurance Group. Mr. Rajeh has over 25 years of
industry experience and has previously served as Chief Underwriting
Officer of Arch Re (Bermuda) and President and CEO of Arch Re Europe, as
well as President and CEO of Arch Re (Bermuda).
Arch Capital Group Ltd., a Bermuda-based company with approximately
$11.13 billion in capital at June 30, 2017, 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: adversegeneral
economic and market conditions;increased competition;pricing
and policy term trends;fluctuations in the actions of rating
agencies and ourability 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; andother
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170919006595/en/
Arch Capital Group Ltd.
Mark D. Lyons, (441) 278-9250
Source: Arch Capital Group Ltd.