Arch Capital Group Names Seamus Fearon CEO, International Mortgage

Rhea-AI Summary

Seamus Fearon promoted to CEO, International Mortgage for Arch Capital Group Ltd.

Positive

• Fearon will be responsible for managing Arch's Australian and European mortgage operations as well as its GSE CRT and Services business.
• Fearon's promotion aims to further diversify Arch's Global Mortgage Group's platform.
• Nearly 40% of Arch's underwriting profit now comes from non-U.S. operations, compared to just over 10% in 2017.

Negative

• None.

Fearon now responsible for all international mortgage operations. Beau Franklin takes executive role at Arch Capital Group Ltd.

PEMBROKE, Bermuda--(BUSINESS WIRE)-- Arch Capital Group Ltd. (Arch) today announced Seamus Fearon has been promoted to CEO, International Mortgage for the Global Mortgage Group. In this role, Fearon will have responsibility for managing Arch’s Australian and European mortgage operations as well as its Government Sponsored Enterprise (GSE) Credit Risk Transfer (CRT) and Services business.

Fearon was most recently Executive Vice President, CRT and European Markets for Arch’s Global Mortgage Group where he oversaw the GSE CRT business and grew the organization’s European Significant Risk Transfer business. In his new role, Fearon will be charged with further diversifying the platform of Arch’s Global Mortgage Group — the global leader in aggregating, managing and syndicating mortgage credit risk.

“Diversifying our mortgage portfolio has been a key strategy for the Global Mortgage Group over the last several years, and Seamus has played a critical role in growing our international business,” said David Gansberg, CEO of Arch’s Global Mortgage Group. “Today, nearly 40% of our underwriting profit comes from non-U.S. operations — compared to just over 10% in 2017. International business represents a significant opportunity for the Mortgage Group at Arch, and I believe Seamus’ demonstrated leadership, combined with his analytical and business acumen, can help us achieve our goals in those markets.”

Beau Franklin, who previously served as the CEO of Arch’s International Mortgage Group, will begin a new executive role at Arch MI’s parent company, Arch Capital Group Ltd.

“I want to thank Beau for his contributions over the past decade,” Gansberg said. “Under Beau’s leadership, the International Mortgage group had many accomplishments including a first-of-its-kind capital relief transaction in Europe that helped establish our capabilities in that market. Beau was also instrumental in getting our Australian operation, Arch LMI, approved as a lenders mortgage insurer by the Australian Prudential Regulation Authority and helping grow our Australian business through the acquisition of Westpac Lenders Mortgage Insurance Limited. I know Beau will apply his skills to the benefit of the entire enterprise in his new role.”

Fearon joined Arch in 2012 and is a Fellow of the Institute and Faculty of Actuaries. He holds a B.Sc. in Actuarial and Financial Mathematics from Dublin City University.

About Arch Global Mortgage Group

The Arch Global Mortgage Group, part of Arch Capital Group Ltd., is focused on providing risk management, risk financing and capital optimizing insurance and reinsurance products to the housing sector worldwide. Through its distinct businesses in the United States, Bermuda, Europe and Australia, Arch pairs unparalleled expertise with financial strength to expand mortgage insurance opportunities worldwide.

About Arch Capital Group Ltd.

Arch Capital Group Ltd. (Nasdaq: ACGL) is a publicly listed Bermuda exempted company with approximately $17.4 billion in capital at June 30, 2023. 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 pandemics such as COVID-19; 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 the our gross and net exposures; the failure of others to meet their obligations to the Company; a disruption caused by cyber-attacks or other technology breaches or failures on the Company or 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 undertakes no obligation to publicly update or revise any forward−looking statement, whether as a result of new information, future events or otherwise. Source: Arch Mortgage Insurance Company

Tag: arch-mortgage

Source: Arch Mortgage Insurance Company, Arch Capital Group Ltd.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231004967589/en/

Media:

Greg Hare

ghare@archgroup.com

Source: Arch Capital Group Ltd.

FAQ

What is Seamus Fearon's new role at Arch Capital Group Ltd?

Seamus Fearon has been promoted to CEO, International Mortgage for the Global Mortgage Group.

What will Fearon be responsible for in his new role?

Fearon will be responsible for managing Arch's Australian and European mortgage operations as well as its GSE CRT and Services business.

What is the significance of Fearon's promotion?

The promotion aims to further diversify Arch's Global Mortgage Group's platform.

What percentage of Arch's underwriting profit comes from non-U.S. operations?

Nearly 40% of Arch's underwriting profit now comes from non-U.S. operations, compared to just over 10% in 2017.