Tony Hay steps down from role after 21 years at Arch
Pembroke, Bermuda, 20 September 2023 – Arch Insurance (Bermuda) today announced that Tony Hay will retire as President and Chief Underwriting Officer at the end of the year after over two decades with the organisation and over five years at the helm.
Hay has served as President and Chief Underwriting Officer of Arch Insurance (Bermuda) since 2018. Under his leadership the Bermuda insurance operation has grown considerably, tripling its premium since 2018 and establishing Arch as one of the largest insurers on the island.
He joined Arch in 2002 and established the Bermuda Professional Lines team, which he managed until his promotion to Chief Underwriting Officer in 2011. Prior to joining Arch, Hay was Vice President, Underwriting, at Ace Bermuda Insurance Ltd and has held a series of senior roles across an insurance career spanning 45 years.
Arch Insurance (Bermuda) will announce the appointment of Hay’s successor shortly.
Hugh Sturgess, President and Chief Executive Officer, Arch Insurance International said: “Tony has been essential to the success of Arch Insurance (Bermuda) both in terms of underwriting stewardship and building an impressive team. He has inspired those around him to a commitment in delivering the highest possible standards for our brokers and clients. We are grateful for his huge contribution to Arch and wish him all the very best for his retirement.”
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Arch Insurance (Bermuda), Tony Hay, Hugh Sturgess
EDITOR’S NOTES
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.
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Source: Arch Insurance (UK) Limited
Media Contacts
Patrick Palmer
Head of Marketing and Communications, Arch Insurance International
M +44 7900 743664
Nigel Allen or Suzanne Hirst
PR agency – Allen & Clapham
M +44 7988 478824 / M +44 7988 140357