Arch Capital Group Ltd. Appoints Paul Ingrey Vice Chairman and Announces Reinsurance Group Promotions.Business Editors HAMILTON, Bermuda--(BUSINESS WIRE)--April 6, 2004 Arch Capital Group Ltd. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ACGL ACGL Arch Capital Group Ltd. ACGL Automobile Corporation of Goa Limited ACGL Alternative County Government Law ) today announced that Paul Ingrey, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. operations, has been appointed Vice Chairman of the Company through October 2007. Mr. Ingrey came out of retirement in late 2001 and made a commitment to build the Company's reinsurance operations under a three-year agreement expiring in October 2004. Consistent with his original wishes to reduce his day-to-day operating role thereafter, Mr. Ingrey will be stepping down as Chairman and CEO of reinsurance operations but will continue as a member of senior management with oversight responsibility for underwriting strategy. Dwight Evans One who calculates insurance risks and premiums. Actuaries compute the probability of the occurrence of such events as birth, marriage, illness, accidents, and death. and Chief Underwriting Officer, has been promoted to the position of President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Arch Re Bermuda. In addition, John Rathgeber, who has been the Managing Director and Chief Operating Officer of Arch Reinsurance Company (Arch Re U.S.) since 2001, has been promoted to the position of President and CEO of Arch Re U.S. Tim Olson Timothy Lane Olson (born August 1, 1978 in Grand Forks, North Dakota) is a major league baseball player, and is married to Stephanie Leigh Buyok of Farmington, NM. They are expecting their first child in August, 2007. See also
Dinos Iordanou, President and Chief Executive Officer of the Company, said, "Our ability to promote from within the Company is another indication of the depth and strength of the management team we have built at Arch. We believe we have assembled one of the finest management teams in the industry. We are also extremely pleased with Paul's continued active participation with the Company, which will benefit from his wisdom, knowledge and experience in the years to come." Robert Clements, Chairman of the Board, said, "These promotions are part of the long-term succession plan formulated over two years ago when Paul and Dwight joined Arch at the beginning of our new underwriting initiatives. With Paul's guidance, our reinsurance business has established itself as a significant participant in the worldwide reinsurance marketplace. Under the leadership of the continuing senior team led by Dwight, the strategic direction of the Company will not change. We are confident that our reinsurance operations will continue to deliver outstanding results to our clients and shareholders." Mr. Ingrey added, "Having worked with Dwight, Marc, John and Tim and the other members of the senior team for many years at Arch and F&G Re, I have a lot of confidence in them and am very pleased that they will lead our reinsurance operations into the future. I will continue to work with Dwight and the team to ensure a smooth transition over the coming months, and I look forward to my continued involvement in the Company's business and strategic direction in my new role." Arch Capital Group Ltd., a Bermuda-based company with approximately $2.1 billion in capital, provides insurance and reinsurance on a worldwide basis through its wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. . Cautionary Note Regarding Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. The Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 provides a "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " for forward-looking statements. This release or any other written or oral statements made by or on behalf of Arch Capital Group Ltd. and its subsidiaries (collectively, the "Company") may include forward-looking statements which reflect the Company's current views with respect to future events and financial performance. Forward-looking statements involve the Company's current assessment of risks and uncertainties, which may cause actual events and results and prospects to differ materially from those expressed or implied in these statements. Certain information regarding such risks and uncertainties is set forth in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. |
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