The Bermuda-based Arch Capital Group Ltd. announced that Constantine (Dinos) Iordanou, President and CEO, has been appointed to the additional position of Chairman of the Board, effective November 2009.
He will succeed Paul B. Ingrey, who will be retiring as Chairman at the end of his employment term on November 6, 2009.
The Company also announced that John D. Vollaro, former CFO and currently a Senior Advisor of the Company, was appointed to the Board and will serve as Mr. Ingrey’s successor as the Chairman of the Underwriting Oversight Committee of the Board, effective November 2009. He will also be a member of the Finance and Investment Committee.
Current director Kewsong Lee was named Lead Director, a newly-created position, effective November 2009.
Iordanou issued the following statement: “On behalf of the Board and all of our employees, we thank Paul for his outstanding service to the Company. He came out of retirement in late 2001 to build our reinsurance operations and then provided leadership and guidance as our Chairman. He has played an essential role in the Company’s success, and his insight, broad experience and leadership have been of enormous benefit to our Company. As one of Paul’s key legacies, he will leave behind a strong underwriting culture, which will serve us well for decades to come.”
Ingrey described his “tenure at Arch” as “very gratifying,” indicating that it had been a pleasure “working with the senior management team and the talented employees of Arch in successfully establishing our insurance and reinsurance businesses around the world. I am leaving the Company in very able hands and am delighted that Dinos will assume the additional responsibility of Chairman.”
Iordanou added: “We are extremely pleased to have Kew, who joined the Board over seven years ago, serve as our Lead Director where he will continue in his leadership role on our Board. We welcome John to the Board and as the Chairman of the Underwriting Oversight Committee. As Paul’s successor on the committee, John has big shoes to fill, but he is more than capable of doing so. I also look forward to serving in my additional role as Chairman.”
Source: Arch Capital: http://www.archcapgroup.bm
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