Constantine "Dinos" Iordanou is set to join Arch Capital Group as President of Arch Worldwide Insurance, the company announced yesterday.

Mr. Iordanou will be primarily based in the US working with the company's insurance business. But, parent company Arch Capital, and Arch Re - which is one of the new reinsurers to set up on the Island, in response to an increase in demand for insurance, and reinsurance, and price increases, following the September 11 terrorist attacks - are both Bermuda-based ventures.

Arch is a broad-based multiline insurer and reinsurer with more than $1 billion in equity capital. It is backed by two private equity firms, Warburg Pincus and Hellman & Friedman.

Although working from the US, the company said Mr. Iordanou will be working with chief executive officer of Arch Worldwide Paul Ingrey, who is based in Bermuda. Mr. Iordanou will also join the Board of Directors of Arch Capital Group.

Mr. Ingrey said: "I anticipate that Dinos will take increasing responsibility for Arch's business over the next few years. I am very proud of the strength and depth of our team. Succession planning is not an issue for us."

Mr. Iordanou said: "I am truly excited to be joining a firm with Arch's depth of talent and fundamental goal of building an insurance business that will provide long-term value to both customers and shareholders.

"It is unique to have the opportunity to build an insurance operation on a clean balance sheet in a very good market."

Mr. Iordanou, 51, was previously the senior executive vice president of group operations, globally, for Zurich Financial Services. Prior to joining Zurich, he had senior executive responsibilities with Berkshire Hathaway Group and American International Group.