LONDON–(BUSINESS WIRE)– Arch Insurance Company (Europe) Limited today announced that Matthew Shulman will be appointed President and Chief Executive Officer, effective 1 July 2016. Mr. Shulman joined Arch Insurance U.S. in 2009 and currently serves as Executive Vice President, responsible for its Executive Assurance and Professional Liability underwriting units. Mr. Shulman will succeed James Weatherstone, who helped build Arch Insurance Europe over the past 12 years and will remain with the company through 31 December 2016 to facilitate the leadership transition. These changes are subject to applicable regulatory approvals.
Mr. Shulman, age 42, has over 20 years of experience in the insurance industry. Prior to joining Arch, he served in various senior underwriting and executive positions, with a focus on global financial and professional liability lines, which are key product offerings of Arch Insurance Europe. When Mr. Shulman assumes his new position, the Executive Assurance and Professional Liability underwriting units of Arch Insurance U.S. will continue to be subject to the oversight of John Rafferty, Executive Vice President, Executive Assurance, Healthcare and Professional Liability.
David McElroy, Chairman and Chief Executive Officer of Arch Worldwide Insurance Group, commented, “Matt has done an outstanding job for us since joining the Company seven years ago, and his promotion is well deserved. Promoting from within the Company is another indication of the importance we place on our unique culture and the strength and depth of our management team. We are also grateful to James for his contributions over the years. With his guidance, Arch Insurance Europe has become a significant participant in the marketplace, and we wish him the best in his future endeavors.”
Arch Insurance Europe is a subsidiary of Arch Capital Group Ltd., a Bermuda-based company with approximately $7.3 billion in capital at March 31, 2016, that provides insurance and reinsurance on a worldwide basis through its wholly owned subsidiaries.
Cautionary Note Regarding Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” 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 may include forward−looking statements, which reflect our current views with respect to future events and financial performance. All statements other than statements of historical fact included in or incorporated by reference in this release are forward−looking statements.
Forward−looking statements can generally be identified by the use of forward−looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe” or “continue” or their negative or variations or similar terminology. Forward−looking statements involve our current assessment of risks and uncertainties. Actual events and results may differ materially from those expressed or implied in these statements. A non-exclusive list of the important factors that could cause actual results to differ materially from those in such forward-looking statements includes the following: adverse general economic and market conditions; increased competition; pricing and policy term trends; fluctuations in the actions of rating agencies and our ability to maintain and improve our ratings; investment performance; the loss of key personnel; the adequacy of our loss reserves, severity and/or frequency of losses, greater than expected loss ratios and adverse development on claim and/or claim expense liabilities; greater frequency or severity of unpredictable natural and man-made catastrophic events; the impact of acts of terrorism and acts of war; changes in regulations and/or tax laws in the United States or elsewhere; our ability to successfully integrate, establish and maintain operating procedures as well as integrate the businesses we have acquired or may acquire into the existing operations; changes in accounting principles or policies;material differences between actual and expected assessments for guaranty funds and mandatory pooling arrangements; availability and cost to us of reinsurance to manage our gross and net exposures; the failure of others to meet their obligations to us; and other factors identified in our filings with the U.S. Securities and Exchange Commission.
The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with other cautionary statements that are included herein or elsewhere. All subsequent written and oral forward−looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. We undertake no obligation to publicly update or revise any forward−looking statement, whether as a result of new information, future events or otherwise.
For Arch Insurance Europe
Rene Dubois, 02076214540