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Member, Beacon International Group, Ltd.
Marc Grandisson will be promoted to the new position of president and chief operating officer of Arch Capital Group Ltd. effective Jan. 1, Hamilton, Bermuda-based Arch announced.
Mr. Grandisson is chairman and CEO of Arch Worldwide Reinsurance and Mortgage Groups.
In his new role, Mr. Grandisson will continue to report to Arch Capital group Chairman and CEO Dinos Iordanou. Mr. Grandisson will have responsibility for all of the company's operating units, insurance, reinsurance and mortgage, Arch said in its announcement. All other corporate functions, finance, investments and legal, will continue to report to Mr. Iordanou.
In a statement, Mr. Iordanou said that Mr. Grandisson “has done an outstanding job for us since joining the company over 14 years ago, and his promotion is well deserved. With Marc's guidance, our reinsurance and mortgage businesses have become significant participants in the marketplace, and he is an important member of our senior leadership team.”
Arch Capital Group Ltd. on Wednesday reported a 66.6% decrease in third quarter profit from the same period last year, reflecting realized investment losses due to a decline in equity markets.