HAMILTON, Bermuda--(BUSINESS WIRE)--
Arch Capital Group Ltd. [NASDAQ: ACGL] today announced that Mark D.
Lyons will assume the position of Executive Vice President and Chief
Financial Officer of the Company, effective September 1, 2012. Mr.
Lyons, who joined Arch in 2002 and currently serves as Chairman and
Chief Executive Officer of Arch Worldwide Insurance Group, will succeed
John C.R. Hele, who will be leaving the Company to join another
financial services company.
David McElroy, who joined Arch Insurance in 2009 as President of the
Financial & Professional Liability Group, will succeed Mr. Lyons as
Chairman and Chief Executive Officer of Arch Worldwide Insurance Group.
Michael R. Murphy, who joined Arch in 2002 and currently serves as
President of the Property & Casualty Group of Arch Insurance, has been
promoted to the positions of President of Arch Insurance Group (U.S.)
and the Chief Underwriting Officer of Arch Worldwide Insurance Group.
The Company also announced the formation of an Executive Strategy
Committee to capitalize on strategic opportunities and oversee
operational expansion. The members of the Committee include Constantine
(Dinos) Iordanou, Chairman, President and Chief Executive Officer of the
Company, Messrs. Lyons, McElroy and Murphy, Marc Grandisson, Chairman
and Chief Executive Officer of Arch Worldwide Reinsurance Group, and
Nicolas Papadopoulo, President and Chief Executive Officer of Arch
Reinsurance Ltd.
Mr. Iordanou commented, “Our ability to promote from within is another
indication of the depth and strength of the management team we have
built at Arch. With Mark’s guidance, our insurance business has
continued to establish itself as a significant participant in the
worldwide insurance marketplace. I look forward to continuing to partner
with Mark in his new role in executing our long-term business plan. We
are very pleased that David and Michael will lead our insurance
operations into the future. We are also very appreciative of John’s
contributions over the past three years and wish him the best in his new
position.”
Arch Capital Group Ltd., a Bermuda-based company with approximately
$5.42 billion in capital at June 30, 2012, provides insurance and
reinsurance 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: adversegeneral
economic and market conditions;increased competition;pricing
and policy term trends;fluctuations in the actions of rating
agencies and ourability 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; andother
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.
Arch Capital Group Ltd.
John C.R. Hele, 441-278-9250
Source: Arch Capital Group Ltd.
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