Arch Insurance today announced a new underwriting partnership with ProHost USA, a Minneapolis-based insurance program administrator that provides specialty packages customized for the restaurant industry. ProHost USA is part of Distinguished Programs, one of the largest program administrators in the U.S., making it easy for retail agents to learn about the new program through Distinguished Programs’ sales team.
Paul Sullivan, Executive Vice President, P&C Programs at Arch Insurance, said, "ProHost USA has been providing insurance solutions for the restaurant industry for over thirty years and has a superior understanding of this market. Their longevity in this business and the knowledge of their underwriters make ProHost USA a great partner for Arch Insurance. The restaurant industry is struggling right now. Working with ProHost USA and harnessing their expertise will enable us to serve their restaurant insureds and the industry for many years to come."
"We are very excited to partner with Arch Insurance on our restaurant program," said Heidi Strommen, President of ProHost USA. "Arch is a market leader in specialty insurance and can help us innovate and manage risk for the benefit of our brokers and their customers. We look forward to growing the program with the Arch team."
About Arch Insurance
Arch Insurance Group Inc., a wholly owned subsidiary of Arch Capital Group Ltd. provides property, casualty and specialty insurance solutions for corporations, professional firms and financial institutions in the United States.
About Arch Capital Group Ltd.
Arch Capital Group Ltd., a Bermuda-based company with approximately $14.7 billion in capital at June 30, 2020, provides insurance, reinsurance and mortgage insurance on a worldwide basis through its wholly owned subsidiaries.
About Distinguished Programs
Distinguished Programs is a leading national insurance Program Manager providing specialized insurance programs to brokers and agents with specific expertise in Real Estate, Community Associations, and Hospitality & Restaurants. Property and liability products are distributed through a national network of agents and brokers. Serving the same core markets and partnering with the most stable and reputable carriers, Distinguished Programs’ high limit umbrella programs remain the clear choice in its areas of specialty for superior coverage, competitive pricing, and attentive service. Through thoughtful innovation, stemming back to 1987, Distinguished Programs fosters growth and opportunities for its brokers, carriers, and employees. www.distinguished.com.
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 the Company’s ability to maintain and improve its ratings; investment performance; the loss of key personnel; the adequacy of the Company’s 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, including pandemics such as COVID-19; the impact of acts of terrorism and acts of war; changes in regulations and/or tax laws in the United States or elsewhere; the Company’s ability to successfully integrate, establish and maintain operating procedures as well as integrate the businesses the Company has 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 the Company of reinsurance to manage the Company’s gross and net exposures; the failure of others to meet their obligations to the Company; changes in the method for determining the London Inter-bank Offered Rate ("LIBOR") and the potential replacement of LIBOR and other factors identified in the Company’s filings with the U.S. Securities and Exchange Commission ("SEC").
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. The Company undertakes no obligation to publicly update or revise any forward−looking statement, whether as a result of new information, future events or otherwise.
Arch Capital Services Inc.