Arch Capital Group Ltd. (NASDAQ: ACGL, “Arch” or “the Company”) announced today that its Board of Directors has declared a special cash dividend totaling $1.9 billion, which amounts to $5.00 per outstanding common share. The dividend is set to be paid on December 4, 2024, to common shareholders of record as of November 18, 2024.
“Arch is in a position of strength with a proven track record of superior performance, placing us among the leaders in the insurance industry,” said Nicolas Papadopoulo, CEO of Arch. “As part of our ongoing capital management strategy, the Board and management have decided that issuing a special dividend is the most efficient way to return capital to shareholders at this time. This dividend highlights our robust capital position and reinforces our commitment to delivering value to our shareholders.”
In addition, as part of the Company’s long-term succession planning, the following executive promotions have been announced, effective immediately:
- David Gansberg has been appointed President of Arch Capital Group Ltd., assuming primary responsibility for Arch’s Insurance Group. Gansberg, who has been CEO of Arch’s Mortgage Group since 2019, will now oversee both North American and International Insurance Operations.
- Maamoun Rajeh has been appointed President of Arch Capital Group Ltd., with primary responsibility for Arch’s Mortgage and Reinsurance Groups. Rajeh, who has led Arch’s Reinsurance Group since 2017, will continue to oversee the Reinsurance Group while also taking on leadership of Arch’s Mortgage Group.
Commenting on the promotions, Papadopoulo said, “Maamoun and David have been pivotal to Arch’s success since 2001 and are key to our future growth. By expanding their roles, they will gain new perspectives while bringing their leadership and deep knowledge of our business to other segments. I look forward to seeing the impact they will have on the company.”
Rajeh stated, “David and I have played significant roles in shaping Arch’s strategy over the past 23 years. In this new capacity, I am committed to advancing Arch’s core principles while driving continued innovation, profitable growth, and exceptional value for our clients and shareholders.”
Gansberg added, “Having worked closely with Maamoun since 2001, I am excited to continue building on Arch’s remarkable growth story. Together, we share a deep understanding and passion for this company and its employees.”
Before leading Arch’s Mortgage Group, Gansberg served as President and CEO of Arch Mortgage Insurance Company, and previously as 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 Duke University’s Fuqua School of Business.
Rajeh, prior to his role as Chairman and CEO of Arch’s Reinsurance Group, held CEO positions at Arch Re Bermuda (2014-2017) and Arch Reinsurance Europe (2012-2014). He has been with Arch since 2001, starting as an underwriter at Arch Re Bermuda. Rajeh holds a bachelor’s degree from the Wharton School of the University of Pennsylvania.
About Arch Capital Group Ltd.
Arch Capital Group Ltd. (Nasdaq: ACGL) is a publicly listed Bermuda exempted company with approximately $25.0 billion in capital at Sept. 30, 2024. Arch, which is part of the S&P 500 Index, provides insurance, reinsurance and mortgage insurance on a worldwide basis through its wholly owned subsidiaries.
