Arch Insurance (“Arch”) today announced Hugh Sturgess will assume the role of Chief Executive Officer, Arch Insurance International, effective Jan. 1, 2019, subject to regulatory approvals. Arch Insurance International includes Arch’s insurance operations in Europe, Bermuda and Australia.
Mr. Sturgess has been with Arch Insurance since 2005 and is currently President and CEO of Arch Insurance Canada Ltd., where he has strategic and operational responsibility for a multi-line underwriting portfolio. Before joining Arch, Mr. Sturgess held various roles in the financial services industry, including tenures with the Royal Bank of Canada and Chubb Insurance Company of Canada.
“Arch Insurance International underwrites a diverse portfolio of specialty insurance solutions across a number of geographies, with a key focus on providing value to our distribution partners and customers,” Mr. Sturgess said. “I look forward to the opportunity to work with our team in continuing to expand the value proposition of our International platform.”
Mr. Sturgess will be based in London and will report to Nicolas Papadopoulo, Chairman and CEO of Arch Worldwide Insurance Group. He succeeds Matt Shulman, who was recently named CEO of Arch Insurance North America.
“Hugh is an experienced industry executive who knows and values the Arch brand,” said Mr. Papadopoulo. “His elevation to lead our International operations is well deserved, and I’m confident in his ability to successfully build on the transformation started by Matt Shulman.”
In conjunction with Mr. Sturgess' appointment, Arch Insurance announced the following appointments at Arch Insurance Canada Ltd., effective Jan. 1, 2019:
- Gale Lockbaum will become President and Chief Operating Officer of Arch Insurance Canada, with responsibility for finance, actuarial, claims, risk and compliance, as well as overseeing regulatory matters. Mrs. Lockbaum has been with Arch Insurance Canada since 2011 and currently serves as Chief Financial Officer.
- Jean-Pierre Galipeault will become Arch Insurance Canada’s Chief Regional Executive, with responsibility for strategy, distribution and underwriting. Mr. Galipeault has been with Arch Insurance Canada since 2013, successfully managing its Lenders business unit.
“During the last five years under Hugh’s leadership, Arch Insurance Canada has experienced a successful turnaround and is now positioned to grow profitably,” said Mr. Shulman. “I am pleased that we are promoting from within and look forward to the operation’s continued success under Gale and Jean-Pierre.”
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.