Former Arch Capital chief executive Marc Grandisson is to join the board of Howard Hughes Holdings — a diversified holding company expected to close on its acquisition of Bermudian-based insurer Vantage Group Holdings this quarter.

Hedge fund billionaire Bill Ackman, chairman of HHH, described Mr Grandisson as “one of the greatest insurance CEOs of his generation”. The appointment will take effect on May 7.

Mr Grandisson will join the HHH board as an appointment of Mr Ackman’s flagship hedge fund management company, Pershing Square, replacing Ben Hakim. Mr Grandisson will join Pershing Square as a partner in March 2027, at which time he will receive a one-time grant of 400,000 shares of Pershing Square restricted stock units which will vest over four years.

In connection to the appointment, Mr Grandisson is investing $10 million to purchase, for fair market value, warrants on 1,131,273 shares of Howard Hughes common stock with a strike price of $100 per share and a term of five years. The warrants cannot be sold, transferred, or hedged for four years.

Mr Grandisson was a founding member of the team at Arch which launched the company in Bermuda in 2001. He served as CEO from 2018 until his retirement in 2024.

“Marc is considered one of the greatest insurance company CEOs of his generation, known for his expertise in cycle management and driving long-term profitability and diversified growth,” said Mr Ackman, executive chairman of HHH.

“Under Marc’s leadership, first as president of Arch and then as CEO, Arch established itself as one of the world's pre-eminent specialty insurers and reinsurers.

“During his nearly seven-year tenure as CEO, Arch delivered a total shareholder return of 298 per cent, or 23.2 per cent per annum, compared to 144 per cent and 14.4 per cent for the S&P Insurance Index over the same period.

“Marc’s early career included foundational experience working with extraordinary insurance executives including Ajit Jain from Berkshire Hathaway and Paul Ingrey at F&G Re. We will greatly benefit from Marc’s extraordinary experience and wise counsel.”

Vantage, a Class of 2020 Bermuda start-up, announced last December that it had agreed to be bought by HHH in a deal worth $2.1 billion. The acquisition “will serve as the cornerstone of HHH’s evolution into a diversified holding company”, HHH said.

Mr Grandisson, who also served as chairman of the Association of Bermuda Insurers and Reinsurers from 2021 to 2022, said: “Howard Hughes is at an important inflection point in its history, and I am honoured to join the board to help the company achieve its long-term strategic vision. I look forward to working alongside my fellow directors to help build a great company and to create long-term value for shareholders.”