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Arch Capital Group Ltd. (Arch Capital or ACGL) is a Bermuda-basedpublic limited company which writes insurance, reinsurance and mortgage insurance on a worldwide basis, with a focus on specialty lines, the segment of the insurance industry where the more difficult and unusual risks are written. It has operations in Bermuda, the United States, Canada, Europe, Australia[1] and, in the case of mortgage insurance, Hong Kong.[2]
 | |
| Company type | Public |
|---|---|
| Industry | |
| Founded | 2000; 25 years ago (2000) |
| Founders |
|
| Headquarters | Hamilton, Bermuda |
Key people | |
| Revenue |  US$9.25 billion (2021) |
1,562,384,000 United States dollar (2022)  | |
| US$2.24 billion (2021) | |
| Total assets | US$45.11 billion (2021) |
| Total equity |  US$13.55 billion (2021) |
Number of employees | c. 5,800 (February 2023) |
| Website | archgroup |
History
editThe company was founded in May 2000 by Robert Clements and Peter A. Appel, with Appel as president and CEO.[3][4] The company's predecessor entity, Risk Capital Holdings had previously sold substantially all of the reinsurance operations of Risk Capital Reinsurance Co., its wholly owned subsidiary, toFolksamerica Reinsurance Co., and the surviving vehicle was the entity used to form Arch Capital.[5][6]
Following the event of September 11, 2001, Arch Capital launched an underwriting initiative to address the global demand for insurance and reinsurance capacity.[7][8]
In October 2001, Paul Ingrey joined the company to oversee its reinsurance operations[9] and in January 2002,Dinos Iordanou was hired to run the company's insurance business.[10] In 2003, Iordanou succeeded Appel as Arch Capital's President and CEO,[11] and Arch Capital's current CEO, Marc Grandisson, replaced Iordanou in 2018.[12]
Arch Capital entered the mortgage insurance business in 2015 with the formation of Arch Mortgage Guaranty and, in August 2016, it bought United Guaranty,AIG‘smortgage insurance unit, for US$3.4 billion,[13] making the company the world's largest mortgage insurer.[14]
In 2022, Arch Capital was added to the Standard & Poor's (S&P) 500 Index, replacing Twitter (now X).[15]
As of 2024, Arch employs nearly 7,000 people worldwide.[16]
Notable employees
edit- Meredith Whitney (born 1969), businesswoman
References
edit- ^Arch website,About Arch, accessed March 29, 2018.
- ^Arch website,About Mortgage Insurance, accessed March 29, 2018.
- ^Crombie, Roger (Summer 2001). "Golden Arches".Bermudian Business.
- ^"RISK CAPITAL HOLDINGS BECOMES ARCH CAPITAL | Journal of Commerce".joc.com. 2000-05-10. Retrieved2024-03-23.
- ^"Folksamerica to acquire Risk Capital Re".Business Insurance. Retrieved2024-03-23.
- ^"Risk Capital Holdings Becomes Arch Capital | Journal of Commerce".joc.com. 2000-05-10. Retrieved2024-03-23.
- ^"About Arch - History".Arch Capital Group Ltd. Retrieved2024-03-23.
- ^"Arch Capital Bermuda Sub Fully Funded".Insurance Journal. 2001-11-20. Retrieved2024-03-23.
- ^"About Arch - History".Arch Capital Group Ltd. Retrieved2024-03-23.
- ^"About Arch - History".Arch Capital Group Ltd. Retrieved2024-03-23.
- ^"Arch Capital Group Names Iordanou President and CEO".Insurance Journal. 2003-07-14. Retrieved2024-03-23.
- ^"Grandisson Named CEO of Arch Capital, Succeeding Iordanou Who Has Retired".Insurance Journal. 2018-03-20. Retrieved2024-03-23.
- ^Scism, Leslie; Lublin, Joann S. (2016-08-16)."AIG Reaches Deal to Sell Mortgage-Insurance Unit to Arch Capital for About $3.4 Billion".The Wall Street Journal.ISSN 0099-9660. Retrieved2016-08-18.
- ^"About Arch - History".Arch Capital Group Ltd. Retrieved2024-03-23.
- ^"Arch Capital Group To Replace Twitter In S&P 500".markets.businessinsider.com. Retrieved2024-03-23.
- ^"About Arch - History".Arch Capital Group Ltd. Retrieved2024-03-23.
External links
edit- Official website
- Business data for Arch Capital Group Ltd.:
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