PEMBROKE, Bermuda–(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.
Contacts
Arch Capital Group Ltd.
François Morin
(441) 278-9250