Arch Capital Group Ltd. Names Nicolas Papadopoulo Chairman & CEO of Arch Worldwide Insurance Group & Chief Underwriting Offic...
September 19 2017 - 4:10PM
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: 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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Arch Capital Group Ltd.Mark D. Lyons, (441) 278-9250
Arch Capital (NASDAQ:ACGL)
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