Arch Insurance Launches Two New Units

Mon. June 15, 2009; Posted: 03:04 PM

NEW YORK, Jun 15, 2009 (A. M. Best via COMTEX) -- ACGL | Quote | Chart | News | PowerRating -- Arch Insurance Group said it's launched two principal underwriting groups in its U.S.-based operations: the Arch Property & Casualty Group and the Arch Financial & Professional Liability Group.

Arch Insurance, division of Arch Capital Group Ltd. (NASDAQ: ACGL), said the new groups are designed to help Arch Insurance maximize underwriting opportunities as the market transitions.

Michael Murphy, who joined the company in 2002, has been promoted to the position of president of the property/casualty group. Murphy has 20 years of specialty lines experience and served most recently as a senior executive vice president of Arch Insurance Group.

David McElroy serves as president of the financial and professional liability group. Recently, McElroy joined Arch from Hartford?s specialty financial division, which included Hartford financial products and Hartford bond (BestWire, June 8, 2009).

Arch Insurance Group also announced that John Rafferty has joined the company as head of the Executive Assurance division of the Financial & Professional Liability Group. Rafferty most recently led Hartford?s Financial Products division. At Arch, Rafferty will report directly to McElroy.

Midday on June 15, shares of Arch were trading at $57.58, down 1.39%.

Arch Insurance Co. currently has a Best's Financial Strength Rating of A (Excellent).

(By Meg Green, senior associate editor, BestWeek: Meg.Green@ambest.com)

For full details on Arch Capital Group Ltd (ACGL) click here. Arch Capital Group Ltd (ACGL) has Short Term PowerRatings of 5. Details on Arch Capital Group Ltd (ACGL) Short Term PowerRatings is available at This Link.

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