Arch Capital Group Ltd. has taken steps over the last year to grow its mortgage insurance and reinsurance business, and has shaken up its executive roster in order to accommodate the expansion.
Among Arch’s recent growth actions: the Bermuda-based insurer and reinsurer disclosed in January that new subsidiary Arch Underwriters ltd. would serve as reinsurance manager for a newly-formed multiline Bermuda reinsurance company dubbed Watford Re. Last year, Arch also snatched up assets from PMI Mortgage Insurance Co.
In perhaps its biggest personnel move announced Monday, Arch named Marc Grandisson as Chairman and CEO of Arch Worldwide Reinsurance and Mortgage Groups, giving him the responsibility of shaping the company’s global reinsurance and mortgage business. An Arch executive since 2001, he previously led Arch’s reinsurance group dating back to 2005. In his new position, he’ll report directly to Constantine Iordanou, chairman, president and CEO of the entire company.
Separately, Nicholas Papadopoulo is now the new CEO of Arch’s reinsurance group. Where he’ll handle the global reinsurance business and report to Grandisson. He’s also been with Arch since 2001, and most recently was chairman and CEO of Arch Reinsurance Ltd. based in Bermuda (Arch Re Bermuda).
Maamoun Rajeh will take over leadership of Arch Reinsurance Ltd, advancing from his current role as president and CEO of Arch Reinsurance Europe Underwriting Ltd. (Arch Re Europe). He’s also a longtime Arch veteran, and has been with the company since 2001, Arch noted.
Here are other personnel change highlights at Arch:
- Scott Stirling, a new hire at Arch Re Bermuda, will become the division’s chief underwriting officer. He’s a Berkshire Hathaway veteran where he worked with Grandisson and other Arch execs in the past.
- Michael Hammer, head, credit & surety of Arch Re Europe, will replace Rajeh as president and CEO of Arch Re Europe. He joined the company in 2012.
- Pierre Jal, an Arch executive since 2012, will take over the new slot of chief underwriting officer of Arch Re Europe.
- Jerome Halgan, who joined Arch in 2009, will become president of Arch Reinsurance Company (Arch Re US) based in New Jersey.
- As announced previously, Andrew Rippert is Arch’s CEO of Global Mortgage Insurance and Reinsurance, and reports to Grandisson. David Gansberg is running Arch U.S. Mortgage Insurance and Giuliano Giovannetti is president and CEO of Arch Mortgage Insurance Ltd. based in Ireland, Arch said.
Iordanou said in a statement that the promotions and management changes “will support the expansion of our mortgage insurance and reinsurance business,” and he said the company’s ability to promote from within shows how well positioned it is for future business.
Source: Arch Capital Group Ltd.