Arch Capital Group

Last updated
Arch Capital Group Ltd.
Company type Public
Industry
Founded2000;24 years ago (2000)
Founders
  • Robert Clements
  • Peter A. Appel
Headquarters Hamilton, Bermuda
Key people
  • John M. Pasquesi (Chair)
  • Marc Grandisson (CEO)
  • François Morin (CFO)
  • Paul Ingrey (former Chairman and CEO), Arch Reinsurance
  • Dinos Iordanou (former President and CEO)
RevenueIncrease2.svg US$9.25 billion (2021)
1,562,384,000 United States dollar (2022)  OOjs UI icon edit-ltr-progressive.svg
Increase2.svg US$2.24 billion (2021)
Total assets Increase2.svg US$45.11 billion (2021)
Total equity Decrease2.svg US$13.55 billion (2021)
Number of employees
c. 5,800 (February 2023)
Website archgroup.com

Arch Capital Group Ltd. (Arch Capital or ACGL) is a Bermuda-based public limited company which writes insurance, reinsurance and mortgage insurance on a worldwide basis, with a focus on specialty lines, the segment of the insurance industry where the more difficult and unusual risks are written. It has operations in Bermuda, the United States, Canada, Europe, Australia [1] and, in the case of mortgage insurance, Hong Kong. [2]

Contents

History

The company was founded in May 2000 by Robert Clements and Peter A. Appel, with Appel as President and CEO. [3] [4] The company's predecessor entity, Risk Capital Holdings had previously sold substantially all of the reinsurance operations of Risk Capital Reinsurance Co., its wholly owned subsidiary, to Folksamerica Reinsurance Co., and the surviving vehicle was the entity used to form Arch Capital. [5] [6]

Following the event of September 11, 2001, Arch Capital launched an underwriting initiative to address the global demand for insurance and reinsurance capacity. [7] [8]

In October 2001, Paul Ingrey joined the company to oversee its reinsurance operations [9] and in January 2002, Dinos Iordanou was hired to run the company's insurance business. [10] In 2003, Iordanou succeeded Appel as Arch Capital's President and CEO, [11] and Arch Capital's current CEO, Marc Grandisson, replaced Iordanou in 2018. [12]

Arch Capital entered the mortgage insurance business in 2015 with the formation of Arch Mortgage Guaranty and, in August 2016, it bought United Guaranty, AIG‘s mortgage insurance unit, for US$3.4 billion, [13] making the company the world’s largest mortgage insurer. [14]

In 2022, Arch Capital was added to the Standard & Poor's (S&P) 500 Index, replacing Twitter (now X). [15]

As of 2023, Arch Capital employed approximately 5,800 people worldwide. [16]

Notable employees

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References

  1. ↑ Arch website, About Arch, accessed March 29, 2018.
  2. ↑ Arch website, About Mortgage Insurance, accessed March 29, 2018.
  3. ↑ Crombie, Roger (Summer 2001). "Golden Arches". Bermudian Business .
  4. ↑ "RISK CAPITAL HOLDINGS BECOMES ARCH CAPITAL | Journal of Commerce". joc.com. 2000-05-10. Retrieved 2024-03-23.
  5. ↑ "Folksamerica to acquire Risk Capital Re". Business Insurance. Retrieved 2024-03-23.
  6. ↑ "Risk Capital Holdings Becomes Arch Capital | Journal of Commerce". joc.com. 2000-05-10. Retrieved 2024-03-23.
  7. ↑ "About Arch - History". Arch Capital Group Ltd. Retrieved 2024-03-23.
  8. ↑ "Arch Capital Bermuda Sub Fully Funded". Insurance Journal. 2001-11-20. Retrieved 2024-03-23.
  9. ↑ "About Arch - History". Arch Capital Group Ltd. Retrieved 2024-03-23.
  10. ↑ "About Arch - History". Arch Capital Group Ltd. Retrieved 2024-03-23.
  11. ↑ "Arch Capital Group Names Iordanou President and CEO". Insurance Journal. 2003-07-14. Retrieved 2024-03-23.
  12. ↑ "Grandisson Named CEO of Arch Capital, Succeeding Iordanou Who Has Retired". Insurance Journal. 2018-03-20. Retrieved 2024-03-23.
  13. ↑ Scism, Leslie; Lublin, Joann S. (2016-08-16). "AIG Reaches Deal to Sell Mortgage-Insurance Unit to Arch Capital for About $3.4 Billion". The Wall Street Journal. ISSN   0099-9660 . Retrieved 2016-08-18.
  14. ↑ "About Arch - History". Arch Capital Group Ltd. Retrieved 2024-03-23.
  15. ↑ "Arch Capital Group To Replace Twitter In S&P 500". markets.businessinsider.com. Retrieved 2024-03-23.
  16. ↑ "About Arch - History". Arch Capital Group Ltd. Retrieved 2024-03-23.
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