Arch Capital Group Ltd. said it has made some strategic leadership changes affecting innovation, investment and mortgage insurance.
The Bermuda-based specialty insurer and reinsurer named Andrew Rippert as chief innovation and strategic investment officer, a newly created position. 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. At the same time, Rippert will continue to represent Arch in various government and trade associations.
Rippert joined Arch in 2010 and most recently served as CEO of the Global Mortgage Group for the company. He’ll report to ACGL President and CEO Marc Grandisson.
Meanwile, David Gansberg succeeds Rippert as CEO, Global Mortgage Group. 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, Gansberg will oversee all of Arch’s mortgage insurance operations worldwide, including Arch MI.
Subsequently, Michael Schmeiser will become the new president and CEO of Arch MI, reporting to Gansberg. 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 Rippert. Schmeiser has nearly 20 years of strategy experience, primarily in financial services.
Arch Capital Group Ltd. booked approximately $11.17 billion in capital at Dec. 31, 2018. It provides insurance, reinsurance and mortgage insurance globally through its wholly owned subsidiaries.
Source: Arch Capital Group Ltd.