Company veteran Matthew Smith has been appointed managing director of Arch Insurance (Bermuda), effective January 1.

The news comes less than a week after Arch announced the retirement of Tony Hay as president and chief underwriting officer of the company at the end of the year, after more than two decades with the organisation and more than five years at the helm.

Mr Smith will be responsible for managing all aspects of Arch’s direct insurance operations.

He will report to Mike Lay, chief underwriting officer for long tail lines at Arch Insurance International.

Mr Smith is a longstanding member of the Arch team in Bermuda, having joined the company in 2002.

He is at present senior vice-president and underwriting manager for executive assurance, a position he has held since 2011.

Prior to joining Arch, Mr Smith was a senior professional liability underwriter at Chubb.

Hugh Sturgess, chief executive officer, Arch Insurance International, said: “The fact that we are able to promote from within for this top position speaks to the calibre and depth of our Bermuda team.

“Bermuda is a core market for Arch, and we have invested heavily in our talent base in order to become one of the leading insurance companies on the island.”

Mr Hay added: “Matt is an exceptional underwriter and someone who truly embodies the values and principles that underpin Arch’s culture and our commitment to brokers.

“He has spearheaded the development of our executive assurance practice and been central to our overall market success.

“I have no doubt that Matt will be a great success and will continue to develop the trusting and responsive relationships with our brokers that are the mainstay of how we do business.”

Arch Insurance (Bermuda) provides specialty casualty, executive assurance and professional liability insurance on an excess basis for large commercial and financial companies and service firms worldwide.