Arch Announces Dividend, Executive Promotions
Arch Capital Group Ltd. announced a $1.9 billion special dividend and also announced executive promotions.
A spokesperson said, “Arch Capital Group Ltd. [NASDAQ: ACGL, Arch or the Company] today announced that its Board of Directors [Board] has declared a special cash dividend [special dividend] of $1.9 billion to common shareholders, representing $5.00 per outstanding common share. The special dividend is payable on Dec. 4, 2024, to common shareholders of record on Nov. 18, 2024.”
“Arch is operating from a position of strength with a long track record of superior performance that is among the best in the insurance industry,” Arch CEO Nicolas Papadopoulo said. “As part of our ongoing capital management responsibilities, the Board and management have determined that a special dividend is the most effective way to return capital to shareholders at this time. This dividend underscores Arch’s robust capital position and our commitment to delivering value to our shareholders.”
The spokesperson said, “Also, as part of the Company’s long-term succession planning, the following executive promotions were announced, both effective immediately:
- David Gansberg has been promoted to President, Arch Capital Group Ltd., with primary accountability for Arch’s Insurance Group. Gansberg, who has been CEO of Arch’s Mortgage Group since 2019, now oversees Arch’s North American and International Insurance Operations.
- Maamoun Rajeh has been promoted to President, Arch Capital Group Ltd., with primary responsibility for Arch’s Mortgage and Reinsurance groups. In this expanded role, Rajeh adds responsibility for Arch’s market-leading Mortgage Group while maintaining oversight of the Reinsurance Group he’s led since 2017.
Commenting on the promotions, Papadopoulo said, “Maamoun and David have been integral to Arch’s success since 2001 and are crucial to our future performance. As we seek to further develop our deep bench of leaders, exposing David and Maamoun to new parts of our business will allow them to expand their knowledge while bringing their leadership and perspectives to other segments. They both have a keen understanding of our business and a legacy of developing talent. I look forward to seeing the impact they will have across the organization.”
Rajeh said, “David and I have had a strong hand in formulating Arch’s successful strategy over the past 23 years. In this expanded role, I remain committed to maintaining Arch’s core principles and driving continued innovation, profitable growth and exceptional value for our clients and shareholders.”
Gansberg added, “Maamoun and I have worked alongside one another since we joined Arch in 2001, and we both have a track record of delivering excellent results to go along with our deep understanding and passion for this company and its employees. I’m excited to help continue to build upon Arch’s outstanding growth story.”
The spokesperson said, “Before Gansberg’s tenure as CEO of Arch’s Mortgage Group, he served as President and CEO of Arch Mortgage Insurance Company. Prior to his work with the Mortgage Group, he was Executive Vice President and a director at Arch Re [U.S.]. He holds a bachelor’s degree in actuarial mathematics from the University of Michigan and an MBA from the Duke University Fuqua School of Business.
“Prior to Rajeh’s role as Chairman and CEO of Arch’s Reinsurance Group, he held CEO positions at Arch Re Bermuda from 2014-2017 and at Arch Reinsurance Europe from 2012-2014. Rajeh joined Arch Re Bermuda as an underwriter in 2001 and advanced to hold several other leadership roles within Arch Re. He has a bachelor’s degree from the Wharton School of Business of the University of Pennsylvania.”
