Arch Capital Group Ltd. has appointed its president and chief executive officer Constantine Iordanou as chairman of the board, effective from November 2009.

Mr. Iordanou will succeed Paul Ingrey, who will be retiring as chairman on November 6.

The company has also announced that John Vollaro, former chief financial officer and currently a senior adviser, was appointed to the board and will serve as Mr. Ingrey's successor as chairman of the underwriting oversight committee of the board, effective November 2009. Mr. Vollaro will also be a member of the finance and investment committee.

Meanwhile director Kewsong Lee was named lead director, a newly-created position, effective November 2009.

Mr. Iordanou said: "On behalf of the board and all of our employees, we thank Paul for his outstanding service to the company.

"He came out of retirement in late 2001 to build our reinsurance operations and then provided leadership and guidance as our chairman.

"He has played an essential role in the company's success, and his insight, broad experience and leadership have been of enormous benefit to our company.

"As one of Paul's key legacies, he will leave behind a strong underwriting culture, which will serve us well for decades to come."

Mr. Ingrey said: "My tenure at Arch has been very gratifying. It has been a pleasure working with the senior management team and the talented employees of Arch in successfully establishing our insurance and reinsurance businesses around the world.

"I am leaving the company in very able hands and am delighted that Dinos will assume the additional responsibility of chairman."