Arch Capital Group Ltd. Announces John Pasquesi to Succeed Constantine Iordanou as Chairman of the Board of Directors in Sept...
March 21 2019 - 4:01PM
Business Wire
Arch Capital Group Ltd. (NASDAQ:ACGL) today announced that John
Pasquesi will succeed Constantine “Dinos” Iordanou as Chairman of
its Board of Directors in September upon the completion of Mr.
Iordanou’s term.
Mr. Pasquesi is currently Lead Director of the Board of
Directors and has been a member of the Board and Vice Chairman
since 2001. Mr. Pasquesi is the managing member of Otter Capital
LLC, a private equity investment firm he founded in January 2001.
Prior to Otter Capital, Mr. Pasquesi was a managing director of
Hellman & Friedman LLC.
Mr. Iordanou joined Arch in 2002 to create its insurance segment
and went on to serve as Chief Executive Officer of the company from
August 2003 until March 2018, when current CEO Marc Grandisson
assumed the role as part of a planned succession.
Mr. Pasquesi said, “Dinos was instrumental in developing Arch
into a highly profitable company with a worldwide insurance,
reinsurance and mortgage insurance presence. The Board and I want
to recognize all he did to establish Arch as a leader in the
insurance industry and to develop the generation of managerial
talent that is currently leading the business. We have great
respect and admiration for Dinos both as a leader and as a
person.”
Mr. Pasquesi added, “We have successfully completed the CEO
transition process, and I look forward to continuing to work with
the rest of the Board, Marc and the existing management team to
help sustain Arch’s future growth.”
ACGL President and CEO Marc Grandisson said, “I want to thank
Dinos for his significant contributions in making Arch such a
successful company. I am grateful to have had the opportunity to
learn from and work with him for nearly twenty years. I look
forward to ongoing engagement with our Board of Directors under
John’s leadership as we continue to help our clients, employees,
investors and communities achieve their greatest potential.”
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190321005737/en/
Arch Capital Group Ltd.François Morin(441) 278-9250
Arch Capital (NASDAQ:ACGL)
Historical Stock Chart
From Mar 2024 to Apr 2024
Arch Capital (NASDAQ:ACGL)
Historical Stock Chart
From Apr 2023 to Apr 2024