Arch Capital confirms new CEO as earnings surge
Arch Capital confirms new CEO as earnings surge | Insurance Business Asia
Insurance News
Arch Capital confirms new CEO as earnings surge
Executive previously in top positions in company’s insurance and reinsurance operations
Insurance News
By
Roxanne Libatique
Arch Capital Group Ltd (Arch Capital or Arch) has announced a leadership transition, appointing Nicolas Papadopoulo as its new chief executive officer (CEO).
Effective immediately, Papadopoulo will also join the company’s board of directors. He succeeds Marc Grandisson, who has stepped down after serving as CEO since 2018 and being with the company for over two decades.
Arch Capital Group’s new CEO
Papadopoulo, who has been with Arch since 2001, most recently held the positions of president and chief underwriting officer (CUO). He brings extensive experience in leadership roles across both Arch’s insurance and reinsurance operations.
“Consistent with the board’s robust succession planning process, we believe Nicolas’s experience and expertise make him the ideal person to lead Arch going forward to drive growth and value for all shareholders. We look forward to working with Nicolas as CEO, and the entire leadership team, as we position Arch for even greater success in the future,” he said.
In a statement, Papadopoulo expressed his enthusiasm about taking on the new role, highlighting Arch’s ongoing strategies of cycle management and capital allocation.
“I am excited for the opportunity to lead this exceptional company, alongside the board and our existing leadership team,” he said.
He noted that Arch’s priorities, along with the strength of Arch employees and its leadership team, have contributed to the company’s strong performance.
“Arch has a unique culture focused on delivering the greatest value to our shareholders and clients. This, along with our incredibly talented employees, has resulted in Arch achieving record success since its formation. Our existing strategies of cycle management and thoughtful capital allocation remain the company’s priorities,” Papadopoulo said.
Papadopoulo’s career with Arch includes serving as CEO of Arch Worldwide Insurance Group and CUI for property and casualty operations. He originally joined Arch Re Bermuda in 2001. His educational background includes degrees from École Polytechnique and École Nationale de la Statistique et de l’Administration Économique in France.
Arch Capital Group’s outgoing CEO
Outgoing CEO Marc Grandisson reflected on his time at the helm, expressing gratitude to Arch’s employees, clients, and board members.
“I’m incredibly grateful for the opportunity to have been a part of the founding team that helped build and grow Arch to where it is today,” he said.
He expressed confidence in Papadopoulo as the right leader to guide the company into its next phase of growth.
“I am proud to pass the baton to Nicolas, who is the right leader to take Arch into the future for our clients, employees, and investors. Finally, thank you to our world-class employees for their hard work and passion, to our board for their guidance, and to our clients who place their trust in us year after year,” Grandisson said.
Arch made leadership changes after seeing positive financial results for the second quarter of 2024. It revealed that its net income rose to $1.3 billion, up from $661 million in the same period the previous year. Operating income after tax for common shareholders also saw a rise, reaching $981 million compared to $726 million in Q2 2023.
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