Bermuda-based Arch Capital Group Ltd. announced that it plans to commence the marketing for a public offering of $300 million principal amount of its senior notes.
Arch Insurance Group, a division of Arch Capital, announced that Scott McClintock has been promoted to senior vice president and Chief Information Officer.
The Company said it “expects to use the net proceeds from the sale of the notes principally to repay all amounts outstanding under its existing credit facility, to support the underwriting activities of its wholly owned insurance and reinsurance subsidiaries and for other general corporate purposes.”
The offering will be led by Goldman, Sachs & Co. and JPMorgan. Credit Suisse First Boston, Merrill Lynch & Co., Banc of America Securities LLC and Wachovia Securities will be co-managers for the offering.
“McClintock’s focus will center on establishing a long-term Information Technology architecture for Arch as well as implementing efficiency initiatives for the Underwriting, Finance, Actuarial, Claims and Operations divisions,” said the announcement.
He will be based in New York and will report to Mark Lyons, executive vice president, Arch Insurance Group Operations. “Scott has a unique ability to innately understand complex business and technology issues, harness resources appropriately, provide project status transparency and deliver value to the business. I am very pleased that he will continue with Arch as our new CIO,” Lyons commented.
McClintock joined Arch in September 2002 as vice president of Actuarial Systems and transferred to the Information Technology area as vice president of Applications in June 2003. He has a varied business and technology background that has focused on Property/Casualty insurance application systems, architecture, and MIS with large staff complements. Before joining Arch, he worked with Zurich Insurance and held a variety of senior-level positions within the company. He graduated with a BS from Northwestern University.
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