Duncan Smith promoted to lead business.
Søren Scheuer to become a Non-Executive Director, subject to regulatory approval.
Dublin, 13 January 2025 – Arch Insurance (EU) dac (“AIEU” or “the Company”) today announced the promotion of Duncan Smith to Chief Executive Officer (“CEO”).
As CEO, Smith is responsible for leading the executive management team of AIEU and delivering on the Company’s growth plans for continental Europe through its expanding network of branch offices.
AIEU provides specialist insurance solutions within the European Union, writing insurance business through its Property & Casualty and Mortgage divisions and providing capacity to Managing General Agents through its Alwyn Europe division.
Smith joined Arch in 2005 and was most recently Deputy CEO of AIEU. Prior to this, he was Head of Professional Lines for Arch Insurance International.
Kirsten Valder, a Director of AIEU and Deputy CEO of Arch Insurance International, commented on the announcement, saying, “Duncan’s appointment as CEO marks an exciting next chapter for our EU business. His considerable underwriting expertise and leadership experience will be critical as AIEU continues to elevate its market position and relevance to brokers and customers across Europe.”
Smith’s appointment follows the decision by Søren Scheuer to step down as CEO of AIEU, although he will remain on the Board of the Company as a Non-Executive Director, subject to regulatory approval. Going forward, Scheuer will focus on leading the Accident & Health team at Arch Re Underwriting ApS.
Michael Hammer, a Director of AIEU and President & CEO of Arch Reinsurance Europe Underwriting dac said, “We sincerely thank Søren for his leadership and relentless engagement during the past six years. During his tenure, Søren established a highly talented team and set the Company on a clear course for European expansion.”
TAG WORDS
Arch Insurance (EU) dac, AIEU, Arch Insurance International, Europe, appointment, Duncan Smith, Kirsten Valder, Søren Scheuer, reinsurance, mortgage insurance, Michael Hammer
EDITOR’S NOTES
About Arch Insurance (EU) dac
Arch Insurance (EU) dac is part of Arch Capital Group Ltd. and provides comprehensive insurance products including: accident & health, cyber and technology, financial institutions, fine art & specie, healthcare, professional liability, property, terrorism, motor and mortgage insurance across multiple business sectors.
The Company is based in Dublin with branch offices in the UK and select EU locations. Arch Insurance (EU) dac is a wholly owned subsidiary of Arch Capital Group Ltd. The Company was formed and is authorised by the Central Bank of Ireland to write all classes of business (excluding Class 18).
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 Alwyn Europe
Alwyn Europe is a division of Arch Insurance (EU) dac which provides delegated capacity to Managing General Agents in the casualty and specialty insurance lines.
About Arch Mortgage Europe
Arch Mortgage Europe is a division of the Arch Insurance (EU) dac which provides credit risk protection on residential mortgage loans and other assets.
About Arch Capital Group Ltd.
Arch Capital Group Ltd., a publicly listed Bermuda exempted company with approximately $25 billion in capital at September 30, 2024, 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 the effect of contagious diseases on our business; 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 our gross and net exposures; the failure of others to meet their obligations to the Company; an incident, disruption in operations or other cyber event caused by cyber attacks, the use of artificial intelligence technologies or other technology on the Company’s systems or those of 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’s forward-looking statements speak only as of the date of this press release or as of the date they are made, and 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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Source: Arch Insurance (UK) Limited
Tag: arch-insurance-and-reinsurance-and-mortgage
Patrick Palmer
Greg Hare