Matthew Smith appointed Managing Director after the retirement of Tony Hay
Pembroke, Bermuda, 26th September 2023 – Arch Insurance (Bermuda) has today announced the appointment of Matthew Smith as Managing Director, with effect from 1 January 2024 following the retirement of Tony Hay.
In this role, Smith will be responsible for managing all aspects of Arch Insurance (Bermuda)’s direct insurance operations. He will report to Mike Lay, Chief Underwriting Officer for Long Tail Lines at Arch Insurance International.
Smith is a long-standing member of the Arch team in Bermuda having joined the company in 2002. He is currently Senior Vice President and Underwriting Manager for Executive Assurance, a position he has held since 2011. Prior to joining Arch, he was a Senior Professional Liability Underwriter at Chubb.
Hugh Sturgess, Chief Executive Officer, Arch Insurance International, said: “I am delighted to announce Matt’s appointment. The fact that we are able to promote from within for this top position speaks to the calibre and depth of our Bermuda team. Bermuda is a core market for Arch, and we have invested heavily in our talent base in order to become one of the leading insurance companies on the island.”
Hay added: “Matt is an exceptional underwriter and someone who truly embodies the values and principles that underpin Arch’s culture and our commitment to brokers. He has spearheaded the development of our Executive Assurance practice and been central to our overall market success. I have no doubt that Matt will be a great success and will continue to develop the trusting and responsive relationships with our brokers that are the mainstay of how we do business.”
Arch Insurance (Bermuda), appointment, Matthew Smith, Tony Hay, Hugh Sturgess
About Arch Insurance (Bermuda)
Arch Insurance (Bermuda) provides Specialty Casualty, Executive Assurance and Professional Liability insurance on an excess basis for large commercial and financial companies and service firms worldwide.
About Arch Insurance International
Arch Insurance International is part of Arch Capital Group Ltd. and includes Arch Insurance UK and the P&C insurance operations of Arch Insurance (EU) dac, as well as Arch’s insurance operations in Europe, Bermuda and Australia.
About Arch Capital Group Ltd.
Arch Capital Group Ltd. (Nasdaq: ACGL) is a publicly listed Bermuda exempted company with approximately $17.4 billion in capital at June 30, 2023. Arch, which is part of the S&P 500 Index, provides insurance, reinsurance and mortgage insurance 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 the Company’s 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 the Company’s 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 the Company’s ability to maintain and improve its ratings; investment performance; the loss of key personnel; the adequacy of the Company’s 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, including pandemics such as COVID-19; the impact of acts of terrorism and acts of war; changes in regulations and/or tax laws in the United States or elsewhere; ability to successfully integrate, establish and maintain operating procedures as well as integrate the businesses the Company has 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 the Company of reinsurance to manage the our gross and net exposures; the failure of others to meet their obligations to the Company; a disruption caused by cyber-attacks or other technology breaches or failures on the Company or the Company’s business partners and service providers, which could negatively impact the Company’s business and/or expose the Company to litigation; and other factors identified in our filings with the U.S. Securities and Exchange Commission (“SEC”).
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 the Company’s behalf are expressly qualified in their entirety by these cautionary statements. 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.
Source: Arch Insurance (UK) Limited
Head of Marketing and Communications, Arch Insurance International
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