HAMILTON, Bermuda--(BUSINESS WIRE)--
Arch Capital Group Ltd. [NASDAQ: ACGL] today announced a number of senior management changes in its Worldwide Reinsurance Group. Jerome Halgan, currently the President and Chief Executive Officer of Arch Reinsurance Company in the U.S., has been promoted to the role of Chief Executive Officer of Arch Reinsurance Ltd. in Bermuda. Matt Dragonetti, currently Head of Property at Arch Reinsurance Ltd., will take on the additional role of President. In another change at Arch Reinsurance Ltd., Michelle Seymour-Smith will assume the role of Chief Operating Officer while maintaining her responsibilities as Chief Financial Officer.
In the U.S., Ken Vivian has been promoted to the newly created role of Chief Executive Officer of Arch Re North America. In this capacity, Mr. Vivian will maintain his current role as Chief Executive Officer of Arch Re Facultative Underwriters Inc., but also assume the Chief Executive Officer role with Arch Reinsurance Company. Peder Moller returns to Arch Reinsurance Company to serve as Chief Underwriting Officer.
Finally, Pierre Jal, currently the Chief Underwriting Officer of Arch Reinsurance Europe Underwriting dac, our European reinsurance operations, will relocate to Bermuda to join Arch Reinsurance Ltd. as the Global Chief Underwriting Officer. The proposed changes are subject to all necessary regulatory approvals.
Maamoun Rajeh, the Chairman and Chief Executive Officer of Arch Worldwide Reinsurance Group, commented: “My sincere congratulations to Jerome, Matt, Michelle, Ken, Peder and Pierre. In their hands, our reinsurance companies will no doubt live up to our aspirations to continuously expand the possible for our clients and brokers. We at Arch could not be more thrilled that these promotions are internal. We are fortunate to have such depth of talent within our team. We will begin to implement these changes early next year as we maintain our focus on the upcoming renewal season in the fourth quarter.”
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.