Constantine “Dinos” Iordanou is to step down as Arch Capital Group’s chairman in September and will be succeeded by vice-chairman John Pasquesi.

Mr Iordanou is a well-known veteran of the Bermuda insurance industry, having led the Bermudian insurer and reinsurer as chief executive officer for 15 years until he was succeeded by Marc Grandisson in September last year.

Mr Pasquesi is lead director of Arch’s board and has been a member of the board and vice-chairman since 2001. Mr Pasquesi is the managing member of Otter Capital LLC, a private-equity investment firm he founded in January 2001.

Before he joined Otter Capital, Mr Pasquesi was a managing director of Hellman & Friedman LLC.

Mr Pasquesi said: “Dinos was instrumental in developing Arch into a highly profitable company with a worldwide insurance, reinsurance and mortgage insurance presence.

“The board and I want to recognise all he did to establish Arch as a leader in the insurance industry and to develop the generation of managerial talent that is currently leading the business.

“We have great respect and admiration for Dinos both as a leader and as a person.”

Mr Pasquesi added: “We have successfully completed the CEO transition process, and I look forward to continuing to work with the rest of the board, Marc and the existing management team to help sustain Arch’s future growth.”

Mr Grandisson said: “I want to thank Dinos for his significant contributions in making Arch such a successful company. I am grateful to have had the opportunity to learn from and work with him for nearly 20 years.

“I look forward to ongoing engagement with our board of directors under John’s leadership as we continue to help our clients, employees, investors and communities achieve their greatest potential.”