Arch Insurance Group Announces Formation of New Insurance Agents Unit; Frank Frieri named Vice President of new unit.Business Editors NEW YORK--(BUSINESS WIRE)--July 22, 2003 Arch Insurance Group, a division of Arch Capital Group Ltd., today announced the formation of a Captive Agents Unit, which will specialize in addressing the professional liability exposures of Company Sponsored Life and Property/Casualty Insurance Agents. "Arch's entry into the Captive Agents arena gives the insurance buyer a strong alternative. We offer our customers a wealth of industry experience, talented underwriters and superior professional liability claims specialists," said Ralph Jones, president and Chief Executive Officer, Arch Insurance Group. "This new capability allows Arch to replace some of the capacity that has been lost from the marketplace in recent months and help fill this niche market A niche market also known as a target market is a focused, targetable portion (subset) of a market sector. By definition, then, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. ." Frank Frieri, a 15-year veteran of the industry, will head up the new unit serving as Vice President, Captive Agents and Professional Liability. Mr. Frieri joins Arch with nearly a decade of experience managing, underwriting and administering E&O insurance for Company Sponsored Life and P/C Agents and Securities Broker/Dealer E&O programs. Prior to Arch, Mr. Frieri held numerous positions at Zurich American Insurance Company. He will be based in Arch's New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. headquarters and will report to Michael Murphy Michael Murphy may refer to:
Arch's new Company Sponsored Life and P/C Insurance Agents E&O policies protect captive agents in claims arising due to wrongful acts in professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. , including wrongful supervision or termination. Coverage also responds to vicarious liability The tort doctrine that imposes responsibility upon one person for the failure of another, with whom the person has a special relationship (such as Parent and Child, the sponsoring company can face from the alleged wrongful acts of a captive agent. Arch will also be providing new capacity for one of the market's most distressed lines, Securities Broker/Dealer and Registered Representative E&O insurance. This coverage addresses claims arising from the alleged wrongful acts and wrongful supervisory acts of an insured securities broker/dealer or registered representative who renders or fails to render professional investment advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal . Arch's preferred accounts include firms that are insurance company affiliates with a minimum of 100 registered representatives and at least three years in business. All accounts will be chosen on a highly selective and strategic account-by-account basis. Not all lines of business or products listed above are offered in all jurisdictions. Arch Insurance Group 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. For more information visit www.archinsurance.com. Cautionary Note Regarding Forward-Looking Statements 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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