NEW YORK--(BUSINESS WIRE)--Arch Insurance Group, a subsidiary of Arch Capital Group Ltd., announced today that Glenn Yanoff has been named head of Arch’s newly formed Contract Binding Operations division, effective January 18, 2013. Arch also announced the hiring of Thomas Mannion and Ronald Yanoff as executives within the group.
Based in New York, the new unit will offer property and casualty coverage on a non-admitted basis to small and medium sized hard-to-place risks. Coverage will only be available to a select network of appointed agents who have entered into a binding contract with the company.
Mr. Yanoff will be responsible for the Contract Binding Operations, overseeing the strategy, underwriting and operations of the unit. He has over 30 years of experience in the insurance industry. Mr. Yanoff will report to Michael R. Murphy, President of Arch Insurance Group (U.S.) and Chief Underwriting Officer of Arch Worldwide Insurance Group.
David McElroy, Chairman and Chief Executive Officer of Arch Worldwide Insurance Group commented: “The addition of Contract Binding Operations expands our coverage offerings for small and medium size commercial customers and further enriches our distribution reach. Moreover, we are excited to bolster our management team with the addition of Glenn’s deep expertise to develop our commitment to becoming a leader in Contract Binding Operations.”
Arch Insurance Group Inc. is a member of Arch Capital Group Ltd., a Bermuda-based company that provides insurance and reinsurance on a worldwide basis through its wholly owned subsidiaries. For more information, visit www.archinsurance.com.
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 our 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 our 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 our ability to maintain and improve our ratings; investment performance; the loss of key personnel; the adequacy of our 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; the impact of acts of terrorism and acts of war; changes in regulations and/or tax laws in the United States or elsewhere; our ability to successfully integrate, establish and maintain operating procedures as well as integrate the businesses we have 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 us of reinsurance to manage our gross and net exposures; the failure of others to meet their obligations to us; and other factors identified in our filings with the U.S. Securities and Exchange Commission.
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 our behalf are expressly qualified in their entirety by these cautionary statements. We undertake no obligation to publicly update or revise any forward−looking statement, whether as a result of new information, future events or otherwise.