Howard Hughes Holdings has appointed two former Arch Capital Group executives to lead the next phase of growth at Vantage, marking the first major leadership transition since its acquisition of the Bermudian-based speciality re/insurer.

Marc Grandisson, the former chief executive of Arch Capital and a past chairman of the Association of Bermuda Insurers and Reinsurers, has been named executive chairman of Vantage with immediate effect.

David Gansberg, who most recently served as president of Arch Capital Group, has been appointed chief executive-designate and is expected to assume the role once his non-competition obligations expire by June 2027.

Greg Hendrick, who cofounded Vantage in 2020 and has served as its chief executive since launch, will continue leading the company until Mr Gansberg takes over, overseeing what Howard Hughes described as a seamless leadership transition.

The appointments represent the next step in Howard Hughes's plans for Vantage following its $2.1 billion acquisition of the re/insurer, which closed last month. At the time, the company said Vantage would serve as the cornerstone of its long-term insurance strategy while operating as an independent speciality insurance platform.

Bill Ackman, executive chairman of Howard Hughes, said Mr Grandisson and Mr Gansberg would help position Vantage for its next stage of expansion.

“In Marc and David, we have two of the most accomplished leaders in the industry to guide Vantage into its next chapter,” Mr Ackman said.

“Greg has built the foundations for an exceptional speciality insurance and reinsurance operation, and we are grateful for his leadership.

“As we look to the future, Marc’s deep underwriting and operating expertise and David’s proven track record of building profitable, durable insurance businesses position Vantage to scale into a large, highly profitable insurance company and an enduring source of long-term value creation for Howard Hughes and its shareholders for decades to come.”

Mr Grandisson spent more than two decades at Bermudian-based Arch Capital after joining its founding team in 2001, serving as chief executive from 2018 until his retirement in 2024. During his tenure, the company generated a total shareholder return of 298 per cent, according to Howard Hughes. He also chaired the Association of Bermuda Insurers and Reinsurers from 2021 to 2022.

Mr Gansberg also joined Arch in 2001, holding a series of underwriting, operational and executive leadership positions, including CEO of the company's global mortgage business before becoming president of Arch Capital Group in 2024 with responsibility for its global insurance operations.

Mr Grandisson said he believed Vantage has major growth potential.

“When I joined the Howard Hughes board, I saw a company at an exciting inflection point, and my conviction in the opportunity at Vantage has only grown since,” he said.

“Vantage is an exceptional diversified insurance platform which offers tremendous opportunity, and I am honoured to join the company as executive chairman.”

Mr Hendrick described building Vantage over the past six years as “the privilege of my career”.

“We set out to build a speciality re/insurer that sees risk differently — one defined by talent, technology and a genuine curiosity about the world,” he said.

“With our recent sale to Howard Hughes, we are now closing our founding chapter and opening an extremely promising long-term future for the company. I am committed to a transition that sets up Marc, David and the Vantage team for even greater success in the future.”

Vantage started in Bermuda in late 2020. Howard Hughes has said it intends to use the business as the foundation of a broader insurance operation alongside its real estate holdings.