Arch Capital Group Ltd. [NASDAQ: ACGL] today announced that Marc
Grandisson will be promoted to the position of President and Chief
Operating Officer, effective January 1, 2016. Mr. Grandisson joined the
Company in 2001 and currently serves as Chairman and Chief Executive
Officer of Arch Worldwide Reinsurance and Mortgage Groups. In his new
role, Mr. Grandisson will continue to report to Dinos Iordanou, Chairman
of the Board and Chief Executive Officer of ACGL, and will have
responsibility for all of the Company’s operating units, insurance,
reinsurance and mortgage. All other corporate functions, finance,
investments and legal, will continue to report to Mr. Iordanou.
Mr. Iordanou commented, “The Board of Directors and I would like to
congratulate Marc on his new role. He has done an outstanding job for us
since joining the Company over 14 years ago, and his promotion is well
deserved. With Marc’s guidance, our reinsurance and mortgage businesses
have become significant participants in the marketplace, and he is an
important member of our senior leadership team. Promoting from within
the Company is confirmation of Arch’s commitment to our people, the
importance we place on our unique culture, and the strength and depth of
the management team we have built at Arch.”
Mr. Grandisson said, “I am excited and honored to take on this new role.
I look forward to continuing to work closely with Dinos, our strong
senior management team and the talented staff across our entire
organization to continue to develop and expand our business and execute
our long-term strategic plan. With Dave McElroy, Nicolas Papadopoulo and
Andrew Rippert overseeing our insurance, reinsurance and mortgage
operations, respectively, we have an extremely deep management team and
I am very pleased that they will lead our business into the future.”
Mr. Grandisson, age 48, currently serves as Chairman and Chief Executive
Officer of Arch Worldwide Reinsurance and Mortgage Groups and has been a
member of the Company's Executive Strategy Committee. Prior to that, he
served in various leadership roles at Arch Reinsurance Ltd., including
as President and Chief Executive Officer. Before joining the Company,
Mr. Grandisson held various senior positions at Berkshire Hathaway and
F&G Re. Mr. Grandisson holds an M.B.A. from The Wharton School of the
University of Pennsylvania, and is also a Fellow of the Casualty
Actuarial Society and a Member of the American Academy of Actuaries.
Arch Capital Group Ltd., a Bermuda-based company with approximately
$7.05 billion in capital at September 30, 2015, 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.
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