Bermuda-based Arch Capital Group has announced that John Hele will be its new chief financial officer.

The company said yesterday former CFO John Vollaro would "transition" to a senior advisor role within the company.

Mr. Hele, 49, will be leaving ING Group, which this week became the first Dutch financial services company in the Netherlands to draw on that government's 20 billion-euro ($26 billion) bailout package.

ING, the largest Dutch financial-services company, accessed 10 billion euros on October 19 to shore up capital after reporting a preliminary third-quarter net loss of about 500 million euros, which included 1.6 billion euros of write-downs on investments in stocks, bonds, structured credit and real estate. The company has denied that Mr. Hele's departure is linked to the results.

Mr. Hele joined ING in 2003 and was appointed as a member of the company's executive board in April 2007. Companies he worked for previously include Merrill Lynch & Co.

He will join Arch as executive vice-president and CFO on April 1, 2009 following the filing of the company's 2008 annual report.

"John Vollaro has done an outstanding job for us since joining the company nearly seven years ago," said Dinos Iordanou, president and CEO of Arch, of the departing CFO. "He has been my strong partner, playing an integral role in helping us build the company and achieve our success.

"We are also delighted that John Hele will be joining our team, and I look forward to working closely with him in executing our long-term business plan.

"He is a proven executive with exceptional financial experience, and his public company background, operating experience and understanding of financial markets will benefit our company."

Mr. Vollaro, 64, said he welcomed his new role and the opportunity to work with Mr. Hele.

"It has been a pleasure working with senior management and our talented teams in building Arch's foundation and establishing the company as a significant participant in the worldwide insurance and reinsurance marketplace," he said. "I look forward to continuing to contribute to the company through my ongoing role and working with John Hele to ensure a smooth transition of my CFO responsibilities."