Arch Insurance Group Announces Executive Moves for Property Business.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Arch Insurance Group, a subsidiary of Arch Capital Group Ltd., announced the following executive moves in their property division effective immediately: GLOBAL PROPERTY Michael Kmetz has been promoted to Senior Vice President at Arch Insurance Group and will be the new business unit executive for Global Property reporting to Mark Lyons, President- Arch Insurance Group. Kmetz was Regional Vice President for Global Property in the Northeast Region. Joining Arch in October 2002, Kmetz previously spent 13 years at the ACE-CIGNA organizations in global underwriting and management roles both in the field and in home office that included tours of duty in New York, Chicago, San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden and Philadelphia. He is a graduate of Rutgers College with a Bachelors degree in Economics and a concentration in finance; he also holds an M.B.A. from the University of San Francisco • • [ with a concentration in international management. EXCESS & SURPLUS PROPERTY Steve Manahan has been promoted to Senior Vice President at Arch Insurance Group and will be the new business unit executive for Excess & Surplus Property reporting to Mark Lyons, President-Arch Insurance Group. Joining Arch in 2002, Manahan started his insurance career in Dublin, Ireland in 1977 as an insurance broker working for, among others, Johnson & Higgins and Willis Faber Associates. Prior to joining Arch, he held various positions of increased responsibility at Home Insurance, Reliance National, and Gulf Insurance in Chicago. Steve was educated in Dublin, Ireland at Oatlands College, HS. Arch Insurance Group Inc. is a division of Arch Capital Group Ltd., a Bermuda-based company that provides insurance and 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. 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. . Arch Insurance Group's principal insurance subsidiaries - Arch Insurance Company, Arch Specialty Insurance Company and Arch Excess & Surplus Insurance Company - are rated "A" (Excellent) by A.M. Best and "A" (Strong) from Standard and Poor's Noun 1. Standard and Poor's - a broadly based stock market index Standard and Poor's Index . For more information, visit www.archinsurance.com. 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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