Arch Capital Group Ltd. [NASDAQ: ACGL] today announced that Mark D. Lyons will assume the position of Executive Vice President and Chief Financial Officer of the Company, effective September 1, 2012. Mr. Lyons, who joined Arch in 2002 and currently serves as Chairman and Chief Executive Officer of Arch Worldwide Insurance Group, will succeed John C.R. Hele, who will be leaving the Company to join another financial services company.
David McElroy, who joined Arch Insurance in 2009 as President of the Financial & Professional Liability Group, will succeed Mr. Lyons as Chairman and Chief Executive Officer of Arch Worldwide Insurance Group. Michael R. Murphy, who joined Arch in 2002 and currently serves as President of the Property & Casualty Group of Arch Insurance, has been promoted to the positions of President of Arch Insurance Group (U.S.) and the Chief Underwriting Officer of Arch Worldwide Insurance Group.
The Company also announced the formation of an Executive Strategy Committee to capitalize on strategic opportunities and oversee operational expansion. The members of the Committee include Constantine (Dinos) Iordanou, Chairman, President and Chief Executive Officer of the Company, Messrs. Lyons, McElroy and Murphy, Marc Grandisson, Chairman and Chief Executive Officer of Arch Worldwide Reinsurance Group, and Nicolas Papadopoulo, President and Chief Executive Officer of Arch Reinsurance Ltd.
Mr. Iordanou commented, “Our ability to promote from within is another indication of the depth and strength of the management team we have built at Arch. With Mark’s guidance, our insurance business has continued to establish itself as a significant participant in the worldwide insurance marketplace. I look forward to continuing to partner with Mark in his new role in executing our long-term business plan. We are very pleased that David and Michael will lead our insurance operations into the future. We are also very appreciative of John’s contributions over the past three years and wish him the best in his new position.”
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