Arch Capital Group Appoints Prashant Nema EVP, Deputy Chief Operations Officer

Rhea-AI Summary

Arch Capital Group has promoted Prashant Nema to Executive Vice President (EVP) and Deputy Chief Operations Officer, effective immediately. Nema, who has served as EVP and Chief Information Officer (CIO) since 2020, will maintain his CIO responsibilities while adding oversight of Arch's Global Services Organization. He will continue reporting to Chris Hovey, Chief Operations Officer.

Since joining Arch in 2015, Nema has established resilient infrastructure, implemented enterprise-wide security practices, and integrated shared service desk operations across the group. Prior to Arch, he was Chief Technology Officer and Founder of a mobile commerce start-up and held senior IT roles at Silicon Valley Bank, including CIO from 2010 to 2013.

Positive

• Promotion maintains continuity in IT leadership while expanding operational oversight
• Track record of successful infrastructure development and security implementation
• Experience in aligning IT expenses with business strategy

Negative

• None.

PEMBROKE, Bermuda--(BUSINESS WIRE)-- Arch Capital Group Ltd. (Arch) today announced that Prashant Nema has been promoted to Executive Vice President (EVP) and Deputy Chief Operations Officer, effective immediately.

Nema has been EVP and Chief Information Officer (CIO) since 2020. In this new role, he will retain CIO responsibilities while adding oversight of Arch’s Global Services Organization. Nema will continue to report to Chris Hovey, Chief Operations Officer of Arch.

“Prashant’s IT leadership has played a critical role in Arch’s ability to scale, and he is well-deserving of these expanded responsibilities,” Hovey said. “Now he will also be tasked with ensuring we are able to tap into the global talent pools that will be critical as we look to embrace opportunities worldwide.”

Since joining Arch in 2015, Nema has worked to establish resilient infrastructure across the company, overseen the implementation of enterprise-wide security practices and integrated shared service desk operations across the group — all while ensuring IT expenses are predictable and tightly aligned to business strategy and priorities.

Before joining Arch, Nema was Chief Technology Officer and Founder of a mobile commerce start-up. He also held senior IT roles at Silicon Valley Bank, including serving as its Chief Information Officer from 2010 to 2013. Nema holds a B.S. from Bhavans College and a B.E. in Computer Engineering from the D.Y. Patil College of Engineering and Technology.

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.

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 the Company’s 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 the Company’s 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 the Company’s ability to maintain and improve its ratings; investment performance; the loss of key personnel; the adequacy of the Company’s 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, including the effect of contagious diseases on our business; the impact of acts of terrorism and acts of war; changes in regulations and/or tax laws in the United States or elsewhere; ability to successfully integrate, establish and maintain operating procedures as well as integrate the businesses the Company has 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 the Company of reinsurance to manage our gross and net exposures; the failure of others to meet their obligations to the Company; an incident, disruption in operations or other cyber event caused by cyber attacks, the use of artificial intelligence technologies or other technology on the Company’s systems or those of the Company’s business partners and service providers, which could negatively impact the Company’s business and/or expose the Company to litigation; and other factors identified in our filings with the U.S. Securities and Exchange Commission (SEC).

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 the Company’s behalf are expressly qualified in their entirety by these cautionary statements. The Company’s forward-looking statements speak only as of the date of this press release or as of the date they are made, and the Company undertakes no obligation to publicly update or revise any forward−looking statement, whether as a result of new information, future events or otherwise.

arch-corporate

View source version on businesswire.com: https://www.businesswire.com/news/home/20250122021770/en/

Greg Hare

ghare@archgroup.com

Stephanie Perez

stperez@archgroup.com

Source: Arch Capital Group Ltd.

FAQ

What is Prashant Nema's new role at Arch Capital Group (ACGL)?

Prashant Nema has been promoted to Executive Vice President and Deputy Chief Operations Officer at ACGL, while retaining his CIO responsibilities and adding oversight of the Global Services Organization.

How long has Prashant Nema been with Arch Capital Group (ACGL)?

Prashant Nema has been with ACGL since 2015, serving as EVP and CIO since 2020.

What are Prashant Nema's key achievements at ACGL since 2015?

Since joining ACGL, Nema has established resilient infrastructure, implemented enterprise-wide security practices, and integrated shared service desk operations while managing IT expenses effectively.

What was Prashant Nema's experience before joining Arch Capital Group (ACGL)?

Before ACGL, Nema was Chief Technology Officer and Founder of a mobile commerce start-up and served as CIO at Silicon Valley Bank from 2010 to 2013.