Arch Capital Group has named Daniel Houston, the former chief executive of Principal Financial Group, as chairman of its board of directors, succeeding John Pasquesi who has served in the role for seven years.

The Bermudian-based insurer and reinsurer said the handover followed a planned succession process and a review of its board and committee leadership after Mr Pasquesi decided to step down as chair.

Mr Pasquesi, who has served on the board since 2001 and chaired it since September 2019, will remain a director and a member of the executive committee. He intends to stand for re-election at the company’s 2027 annual general meeting if nominated.

Mr Houston joined Arch’s board in August 2024 and will also chair its executive committee. He began his career at Principal in 1984, became president and chief executive in 2015 and took over as chair in 2016. He retired from Principal in 2025.

“Arch is fortunate to have several experienced directors capable of leading the board, and Dan is the right person to serve as our next chair,” Mr Pasquesi said. “I believe his leadership experience will be particularly valuable as Arch continues to scale.”

Mr Houston said: “John has been part of Arch’s Board since its earliest days, and his leadership, judgment and deep knowledge of the company have been invaluable.”

Nicolas Papadopoulo, Arch’s chief executive, thanked Mr Pasquesi for his counsel and support since taking over as CEO and said Mr Houston’s experience and leadership made him the right person to chair the board.

As part of the changes, Brian Posner joins the executive committee and will continue to chair the finance, investment and risk committee and serve on the compensation and human capital committee.

Francis Ebong takes over as chair of the compensation and human capital committee, on which he already serves. He will remain a member of the audit and nominating and governance committees.