Bermuda-based Arch Capital yesterday announced industry veteran Paul Ingrey was passing off control of the group's reinsurance operations.

Mr. Ingrey, who came out of retirement in 2001 to head up the venture, will remain vice-chairman while current president Dwight Evans takes on the CEO role.

Mr. Ingrey ? who has been appointed vice-chairman through October, 2007 ? could be said to be following an industry trend in stepping down from the CEO post.

In recent months, several other industry veterans have made similar moves with Michael Morrison, who also came out of retirement to head 2001 start-up Allied World Assurance Company (AWAC), handed off the CEO position to Scott Carmilani and insurance legend ? and multiple retiree ? John 'Jack' Byrne, handed over the chairmanship of Montpelier Re, to CEO Anthony Taylor.

In a press statement issued yesterday, Arch said that Mr. Ingrey's decision was consistent with his desire from the time of joining the company to reduce his day-to-day role after three years. Although Mr. Ingrey will be stepping down as chairman and CEO of reinsurance operations, he will continue, in his role as vice-chairman, to have oversight responsibility for underwriting strategy.

Mr. Evans, who joined Arch in late 2001 as president of Arch Reinsurance Ltd. (Arch Re Bermuda), will now oversee Arch's worldwide reinsurance operations.

He is to be president of Arch Worldwide Reinsurance Group while also taking on the positions of chairman and CEO of Arch Re Bermuda.

Meanwhile, Marc Grandisson, who joined Arch in 2001 as chief actuary and chief underwriting officer, has been promoted to the position of president and chief operating officer of Arch Re Bermuda.

In addition, John Rathgeber, who has been the managing director and chief operating officer of Arch Reinsurance Company since 2001, has been promoted to the position of president and CEO of Arch Re US and Tim Olson, who has been managing director-Treaty Casualty for Arch Re US since 2001, has been promoted to the position of executive vice-president and chief underwriting officer of Arch Re US.

Group president and CEO Dinos Iordanou said: "Our ability to promote from within the company is another indication of the depth and strength of the management team we have built at Arch.

"We believe we have assembled one of the finest management teams in the industry. We are also extremely pleased with Paul's continued active participation with the company, which will benefit from his wisdom, knowledge and experience in the years to come."

Chairman Robert Clements added: "These promotions are part of the long-term succession plan formulated over two years ago when Paul and Dwight joined Arch at the beginning of our new underwriting initiatives.

"With Paul's guidance, our reinsurance business has established itself as a significant participant in the worldwide reinsurance marketplace. Under the leadership of the continuing senior team led by Dwight, the strategic direction of the Company will not change.

"We are confident that our reinsurance operations will continue to deliver outstanding results to our clients and shareholders."

Mr. Ingrey said: "Having worked with Dwight, Marc, John and Tim and the other members of the senior team for many years at Arch and F&G Re, I have a lot of confidence in them and am very pleased that they will lead our reinsurance operations into the future.

"I will continue to work with Dwight and the team to ensure a smooth transition over the coming months, and I look forward to my continued involvement in the company's business and strategic direction in my new role."