Arch Capital Group Ltd - ACGL STOCK NEWS

Arch Mortgage Insurance Company (Arch MI) announced the expansion of its Arch MI Scholars Program to the University of North Carolina Greensboro (UNCG). The program, which began in 2020 with North Carolina A&T State University, provides financial support and job experience to high-achieving students with financial need. Selected students receive a $15,000 scholarship over two years, paid internships during junior and senior years, and the opportunity for a one-year paid fellowship after graduation. The program targets students majoring in fields relevant to insurance, including accounting/finance, actuarial sciences, business information systems, data analytics, risk, IT, and computer science.

Arch Capital Group (NASDAQ: ACGL) has announced a special cash dividend of $1.9 billion, equivalent to $5.00 per common share, payable on Dec. 4, 2024, to shareholders of record on Nov. 18, 2024. The company also announced key executive promotions: David Gansberg has been promoted to President with oversight of the Insurance Group, while Maamoun Rajeh has been promoted to President, overseeing both Mortgage and Reinsurance groups. CEO Nicolas Papadopoulo emphasized that the dividend reflects Arch's strong capital position and commitment to shareholder value.

Arch Capital Group (NASDAQ: ACGL) announced its 2024 third quarter results with a net income of $978 million or $2.56 per share, representing a 19.0% annualized return on average common equity. This is an increase from $713 million or $1.88 per share in the same period last year. However, after-tax operating income decreased to $762 million or $1.99 per share from $876 million or $2.31 per share in Q3 2023.

The company reported pre-tax current accident year catastrophic losses of $450 million due to Hurricane Helene and other global events. Favorable development in prior year loss reserves was $119 million. The combined ratio excluding catastrophic activity and prior year development was 78.3%, up from 77.0% in Q3 2023. Book value per common share rose 8.1% to $57.00 as of September 30, 2024.

Gross premiums written increased by 20.2% to $5.44 billion, and net premiums written rose by 20.6% to $4.05 billion. Despite these gains, underwriting income fell by 25.4% to $538 million. The loss ratio increased to 60.5% from 50.7%.

Arch Insurance North America has been awarded PropertyCasualty360's Insurance Luminaries Award for Technology Innovation, recognizing their Arch APEX℠ digital portal. This innovative platform streamlines the accident insurance quoting process, significantly reducing the time required to quote, bind, and issue policies.

The Arch APEX portal offers an intuitive online user experience, enhancing efficiency for agents and brokers, leading to increased client satisfaction and potential revenue growth. Jim Villa, Senior Vice President of Arch Accident & Health, expressed pride in the recognition, emphasizing the platform's role in modernizing the insurance industry.

The Insurance Luminaries Awards, organized by NU Property & Casualty magazine and PropertyCasualty360.com, celebrate innovation in claims, coverage, risk management, technology, and workplace culture within the P&C insurance sector.

Arch Capital Group held a private memorial event in New York City on Oct. 14 to honor the life and legacy of former CEO Dinos Iordanou. The event was attended by family, friends, and colleagues, celebrating Iordanou's significant contributions to Arch and the insurance industry.

Nicolas Papadopoulo, current CEO of Arch, praised Iordanou as an inspirational role model. In memory of Iordanou's advocacy for children's rights, Arch donated $50,000 to the Cyprus Children's Fund.

Iordanou was a founding member of Arch in 2001 and served as President and CEO from 2003-2018. During his tenure, he significantly expanded Arch's footprint and laid the groundwork for its current status as a market-leading insurer. His industry leadership was recognized in 2017 when he was named Insurance Leader of the Year by St. John's University's School of Risk Management.

Arch Capital Group (NASDAQ: ACGL) has announced a leadership transition, with Nicolas Papadopoulo appointed as the new Chief Executive Officer, effective immediately. Papadopoulo, who has been with the company since 2001, will also join the Board of Directors. He replaces Marc Grandisson, who is retiring after serving as CEO since 2018.

Papadopoulo has held various leadership roles at Arch, most recently serving as President and Chief Underwriting Officer since 2021. The Board of Directors expressed confidence in Papadopoulo's ability to drive growth and value for shareholders. Papadopoulo stated that Arch's existing strategies of cycle management and thoughtful capital allocation will remain the company's priorities.

The leadership change comes as Arch Capital Group has established itself as a market-leading, global specialty insurer, experiencing significant growth and profitability over the past two decades.

Arch Insurance North America has appointed Tyler Bair as President of Ventus Risk Management, a wholly-owned managing general underwriter (MGU) focused on E&S property. Bair, who previously worked at Ventus for three years and recently at Amwins Underwriting, is tasked with driving growth, managing operations, and building relationships with brokers and carrier partners.

Matt Shulman, CEO of Arch Insurance North America, expressed confidence in Bair's leadership to propel Ventus into its next growth stage. Bair emphasized his commitment to leveraging Ventus' data-forward platform to provide coastal commercial property solutions. Richard Goldfarb, who led Ventus for the past five years, will transition to the role of Head of Strategy, contributing his technical pricing and portfolio management expertise.

Arch Capital Group (NASDAQ: ACGL) has announced the release date for its 2024 third quarter results. The company will disclose its financial performance after the stock market closes on Wednesday, October 30. Following this, a conference call for investors and analysts is scheduled for 11 a.m. ET on Thursday, October 31.

Interested parties can access a live webcast of the call through the Investors section of Arch Capital's website. For those unable to attend live, a recording will be available approximately two hours after the event concludes and will remain accessible on the site for one year.

Arch Insurance North America, in collaboration with the Disability Management Employer Coalition (DMEC), is hosting a webinar on September 12, 2024, at noon ET. The webinar, titled '2024 Tools & Tactics Webinar: PFML Laws through 2026 — An Update for Multi-State Employers', will focus on updates to Paid Family and Medical Leave (PFML) programs in Delaware, Maine, Maryland, and Minnesota.

The session will cover changes to existing state laws, coordination of benefits, and key updates for employers with staff in these states. It offers 1 CEU credit for various professional certifications. Thomas Foschino, VP of Accident & Health at Arch Insurance, emphasizes the importance of staying informed about the upcoming wave of PFML laws. Complimentary registration is available using the code 24ARCH2.