Arch Capital Group Ltd. has promoted one of its long-time executives to be the company’s next president and chief operating officer.

Marc Grandisson takes on his new role at the specialty insurer and reinsurer as of Jan. 1, 2016. His responsibilities will include overseeing all of Arch’s operating units, including insurance, reinsurance and mortgage divisions.

Grandisson, 48, currently chairman and chief executive officer of Arch Worldwide Reinsurance and Mortgage Groups, will continue to report to Arch Capital Group Chairman and CEO Constantine Iordanou in his new role.

Grandisson has been with Arch Capital Group since 2001 and has also served in a number of executive roles at Arch Reinsurance Ltd., including as president and CEO. Before Arch, he held various leadership roles at Berkshire Hathaway and F&G Re.

Arch Capital Group had approximately $7.05 billion in capital on hand as of Sept. 30, 2015.

Arch, which has made some strategic acquisitions in recent years, has generally stayed away from this year’s more active M&A environment.

Earlier this year, Arch Chief Financial Officer Mark Lyons told Carrier Management that M&A “is not a need” for the company.

“M&A, to us, is not a need,” Lyons said. “We don’t have the need to feel bigger. We understand why some people are going through either mergers of equals or true acquisitions. Sometimes they strategically make sense, and sometimes they’re financial for just scale and growth.”

Lyons said that merging simply to grow is “not high on our list.”

Source: Arch Capital Group Ltd.

Topics Reinsurance