Arch Reinsurance Europe Underwriting Limited (Arch Re Europe) announced that Mr. Maamoun Rajeh will be appointed President and Chief Executive Officer of Arch Re Europe from 1 July 2012. Mr. Rajeh will succeed Mr. Helmut Söhler, who will assume the position of Vice Chairman of Arch Worldwide Reinsurance Group. Mr. Rajeh assumes his new position from Arch Reinsurance Ltd. (Arch Re Bermuda), where he has served as Chief Underwriting Officer since 2005. Mr. Rajeh has been with Arch Re Bermuda since 2001 and has 20 years of experience in our industry across a wide range of products. These changes are expected to become effective 1 July 2012, but remain subject to regulatory approvals.
Arch Re Europe completed its acquisition of Ariel Re´s Credit & Surety reinsurance operations based in Zurich in April 2012 on the heels of adding a team focused on underwriting Crop business on a worldwide basis in the fall of 2011. These recent developments have added substantially to Arch Re Europe"˜s existing underwriting platform at its Zurich branch office. Considering the Company"˜s larger platform and more diverse product offering, Mr. Rajeh´s successful underwriting track record at Arch Re Bermuda will be a significant contributor to the future success of Arch Re Europe. Marc Grandisson, the Chairman of Arch Worldwide Reinsurance Group, stated: "I look forward to continuing to work closely with Helmut in his new role with the Arch Worldwide Reinsurance Group, providing strategic advice to all of us. Maamoun joins Arch Re Europe at an important time, which underlies our confidence in his abilities and our commitment to the European market."
Mr. Jerome Halgan, currently the Head of Specialty at Arch Re Bermuda, will assume the role of Chief Underwriting Officer of Arch Re Bermuda from 1 July 2012. In addition, Mr. Matthew Dragonetti, currently Head of US Property Treaty has been promoted to the role of Head of Worldwide Property of Arch Re Bermuda. Both promotions are subject to Bermuda immigration approvals.
Arch Re Europe is part of Arch Capital Group Ltd., a Bermuda-based company with approximately $5.24 billion in capital at March 31, 2012, which provides insurance and reinsurance 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 our 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 our 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 our ability to maintain and improve our ratings; investment performance; the loss of key personnel; the adequacy of our 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; the impact of acts of terrorism and acts of war; changes in regulations and/or tax laws in the United States or elsewhere; our ability to successfully integrate, establish and maintain operating procedures as well as integrate the businesses we have 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 us of reinsurance to manage our gross and net exposures; the failure of others to meet their obligations to us; and other factors identified in our filings with the U.S. Securities and Exchange Commission.
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 our behalf are expressly qualified in their entirety by these cautionary statements. We undertake no obligation to publicly update or revise any forward?looking statement, whether as a result of new information, future events or otherwise.
