Arch Capital also announced that when Mr. Ingrey steps down as the head of Arch's reinsurance operations later this year, Dwight Evans will succeed him in overseeing Arch's worldwide reinsurance business.

Mr. Evans first joined Arch in late 2001 as president of Arch Reinsurance Ltd. and is currently serving as chairman and CEO of Arch Re Bermuda as well as president and CEO of Arch Worldwide Reinsurance Group.

Robert Clements, chairman of the board, said these changes are part of Arch's "long-term succession plan" made over two years ago when Mr. Ingrey and Mr. Evans joined Arch during the beginning of the corporation's new underwriting initiatives. "With Paul's guidance, our reinsurance business has established itself as a significant participant in the worldwide reinsurance marketplace," Mr. Clements stated.

Additionally, Marc Grandisson, who also has been with Arch Re Bermuda since 2001 as chief actuary and chief underwriting officer, has been promoted to the position of president and chief operating officer of Arch Re Bermuda, the company said.

Other changes include the appointment of John Rathgeber, managing director and chief operating officer of Arch Reinsurance Company since 2001. Mr. Rathgeber has been promoted to the position of president and CEO of Arch Reinsurance Company. And Tim Olson, who has been managing director-treaty casualty of Arch Re U.S. since 2001, has been promoted to the position of executive vice president and chief underwriting officer of Arch Re U.S.

Arch Capital Group, with insurance and reinsurance subsidiaries in Bermuda and the United States, offers a full range of property-casualty insurance and reinsurance products with a focus on specialty lines of business. The company reported net income for full-year 2003 of $280.6 million.