Just over a month after Howard Hughes Holdings (HHH) completed its acquisition of Vantage Group Holdings, HHH has announced a leadership transition.

Effective immediately, Marc Grandisson, the former chief executive officer of Arch Capital Group, Ltd., will become executive chairman of Vantage.

David Gansberg, who was previously president of Arch Capital Group Ltd., will become CEO by June 2027, once his non-competition obligations are no longer in effect.

Greg Hendrick, who has served as CEO of Vantage since co-founding the company in 2020, will continue to lead Vantage as CEO until Gansberg assumes the role, ensuring a seamless transition.

Grandisson will work alongside Hendrick and the Vantage leadership team during this period.

Related articles: Vantage Group to Be Acquired by Ackman-Backed Howard Hughes Holdings for $2.1B; Howard Hughes Holdings Completes $2.1B Acquisition of Re/insurer Vantage Group

Commenting on the changes, AM Best said the that the credit ratings of Vantage Risk Ltd. (Bermuda) and its affiliates, Vantage Risk Specialty Insurance Company and Vantage Risk Assurance Company, which do business as Vantage Group, remain unchanged but the rating agency is monitoring the impacts of the leadership transition. Vantage Group currently has an A- financial strength rating from AM Best.

Grandisson began his career working with insurance executives including Ajit Jain from Berkshire Hathaway and Paul Ingrey at F&G Re before joining Arch’s founding team in 2001. He served as CEO of Arch from 2018 until his retirement in 2024. A Fellow of the Casualty Actuarial Society and a member of the American Academy of Actuaries, Grandisson also worked at Towers Watson prior to joining Arch.

HHH appointed Grandisson to its board of directors in April, after the Vantage acquisition had been announced but before the deal closed.

Gansberg, who recently left Arch, began is role as president in Nov. 7, 2024, having primary accountability for Arch’s Global Insurance Group, which includes Arch’s North American and International Insurance Operations. Prior roles at Arch included a six-year sting as president and CEO of Arch Mortgage Insurance Company, and nearly six years as executive vice president and a director at Arch Reinsurance Company before that.

“When I joined the Howard Hughes board, I saw a company at an exciting inflection point, and my conviction in the opportunity at Vantage has only grown since,” said Grandisson in a media statement.

Bill Ackman, executive chair of Howard Hughes referred to Grandisson and Gansberg as “two of the most accomplished leaders in the industry,” who can guide Vantage into its next chapter.”

Ackman noted that Hendrick “built the foundations for an exceptional specialty insurance and reinsurance operation,” expressing gratitude for his leadership.

“As we look to the future, Marc’s deep underwriting and operating expertise and David’s proven track record of building profitable, durable insurance businesses position Vantage to scale into a large, highly profitable insurance company and an enduring source of long-term value creation for Howard Hughes and its shareholders for decades to come,” Ackman said in a media statement, which stated that Arch had generated a total shareholder return of 298%, or 23.2% per annum, during Grandisson’s tenure.

“The appointments offer additional experienced industry leadership to the Vantage Group,” AM Best said, adding that while the leadership transition “represents a notable governance change,” Vantage Group’s balance sheet strength, operating performance, business profile, and enterprise risk management assessments remain unchanged.

The rating outlooks remain positive, AM Best said.

Vantage Group Holdings Ltd. was established in late 2020 as an insurance and reinsurance partner “designed for the future,” HHH said in a media statement, highlighting the Vantage team’s creativity, “tech-enabled efficiency and robust analytics to address risks others avoid.”

Related article: New Capital Unlikely to Immediately Soften Rates: Vantage Risk CEO

“Building Vantage these past six years has been the privilege of my career,” said Hendrick. “We set out to build a specialty reinsurer that sees risk differently — one defined by talent, technology, and a genuine curiosity about the world….With our recent sale to Howard Hughes, we are now closing our founding chapter and opening an extremely promising long-term future for the company,” he said.

HHH is a diversified holding company focused on growing long-term shareholder value. In addition to Vantage Group, a principal subsidiary is the real estate platform, Howard Hughes Communities.

Source: Howard Hughes Holdings, AM Best