PEMBROKE, Bermuda–(BUSINESS WIRE)–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.
“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.”
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.