Arch Insurance Group Names Glenn Yanoff Head of Contract Binding Operations
NEW YORK -- January 22, 2013
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
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.
Arch Insurance Group
Thomas Routson, 212-271-8372
Vice President, Marketing and Communications
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