Arch Capital Group Ltd, a publicly listed Bermuda exempted company with approximately $23.4 billion in capital, has appointed Nicolas Papadopoulo as its new chief executive.

Mr Papadopoulo has held his current positions of president and chief underwriting officer since 2021 and previously served in various leadership and underwriting roles at the company beginning in 2001.

Marc Grandisson, who has served as CEO since 2018 and has been with Arch since 2001, has decided to retire from the company.

“On behalf of the entire board, I would like to thank Marc for his leadership and significant contributions to Arch over the past two decades, during which Arch experienced outstanding growth and profitability and established itself as a market-leading, global specialty insurer,” said John Pasquesi, the chairman of the board.

“Consistent with the board’s robust succession planning process, we believe Nicolas’ experience and expertise make him the ideal person to lead Arch going forward to drive growth and value for all shareholders.

“We look forward to working with Nicolas as CEO, and the entire leadership team, as we position Arch for even greater success in the future.”

Mr Papadopoulo added: “I am excited for the opportunity to lead this exceptional company, alongside the board and our existing leadership team.

“Arch has a unique culture focused on delivering the greatest value to our shareholders and clients.

“This, along with our incredibly talented employees, has resulted in Arch achieving record success since its formation.

“Our existing strategies of cycle management and thoughtful capital allocation remain the company’s priorities.”

Mr Grandisson said: “I’m incredibly grateful for the opportunity to have been a part of the founding team that helped build and grow Arch to where it is today.

“I am proud to pass the baton to Nicolas, who is the right leader to take Arch into the future for our clients, employees and investors.

“Finally, thank you to our world-class employees for their hard work and passion, to our Board for their guidance, and to our clients who place their trust in us year after year.”