Arch Capital Group Ltd. Announces Strategic Leadership Changes
March 01 2019 - 9:15AM
Business Wire
Andrew Rippert Named Chief Innovation and
Strategic Investment Officer
David Gansberg Promoted to CEO, Global
Mortgage Group
Michael Schmeiser Named CEO, Arch Mortgage
Insurance Company
Arch Capital Group Ltd. [NASDAQ: ACGL] today announced that
Andrew Rippert has been named Chief Innovation and Strategic
Investment Officer, reporting to ACGL President and CEO Marc
Grandisson. Mr. Rippert joined Arch in 2010 and most recently
served as CEO of the Global Mortgage Group for ACGL. In this newly
created role, he will be responsible for pursuing innovative
business models and developing a pipeline of creative products,
services and untapped markets to deliver future revenue streams
across all business lines. Mr. Rippert will continue to represent
Arch in various government and trade associations.
David Gansberg succeeds Mr. Rippert as CEO, Global Mortgage
Group. Mr. Gansberg joined ACGL in 2001 and most recently served as
President and CEO of Arch Mortgage Insurance Company (Arch MI).
During his tenure, he oversaw the growth of that company from a
startup to the largest private mortgage insurer in the United
States. In his new role, Mr. Gansberg will oversee all of Arch’s
mortgage insurance operations worldwide, including Arch MI.
Michael Schmeiser will become the new President and CEO of Arch
MI, reporting to Mr. Gansberg. Mr. Schmeiser joined ACGL in 2017
following Arch’s acquisition of United Guaranty from AIG, where he
held senior strategic roles. Most recently, he has served as Chief
Strategy Officer of the Global Mortgage Group, reporting to Mr.
Rippert. Mr. Schmeiser has nearly 20 years of strategy experience,
primarily in financial services.
Mr. Rippert’s new role recognizes the importance of innovation
to the company’s success, according to Mr. Grandisson. “At Arch, we
have always considered innovation a key part of expanding our
business and meeting our customers’ needs. What has been
accomplished in the Mortgage segment over the past few years, under
Andrew’s leadership, has been amazing. By creating this new role,
we’re tasking Andrew with developing the long-term future of the
firm and determining how we will capitalize on the opportunities
ahead of us.”
Mr. Grandisson continued, “This move is only possible because of
the deep talent pool that exists in the Mortgage segment. David has
been a key member of Arch’s leadership team since our founding in
2001 and has excelled in building and guiding Arch MI to its market
leading position in the U.S. His promotion ensures the continuity
of our strategy and approach to the business and provides him with
new challenges and opportunities globally.”
Mr. Rippert added, “Growing the Mortgage Group from an idea to a
unit that generated nearly $1 billion in profit for Arch in 2018 is
an incredible source of pride for me. This new role will challenge
my entrepreneurial spirit and help ensure the business I’ve helped
grow will exist for the next 30 years. I know the Mortgage Group is
in great hands, and I look forward to working closely with both
David and Michael, as well as other leaders across ACGL, to pursue
growth opportunities.”
Mr. Gansberg said, “Michael Schmeiser has been a real asset
since joining Arch. I’ve enjoyed working with him and know that
he’s had a great opportunity to learn directly from Andrew. He’ll
bring that insight and a fresh perspective to Arch MI.”
Arch Capital Group Ltd., a Bermuda-based company with
approximately $11.17 billion in capital at December 31, 2018,
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.François Morin(441) 278-9250
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