Bermudian-based Arch Capital Group Ltd is to return $1.9 billion to its common shareholders in the form of a special cash dividend of $5 per outstanding common share.

The dividend is payable on December 4 to common shareholders of record on November 18.

“Arch is operating from a position of strength with a long track record of superior performance that is among the best in the insurance industry,” Arch chief executive Nicolas Papadopoulo said.

“As part of our ongoing capital management responsibilities, the board and management have determined that a special dividend is the most effective way to return capital to shareholders at this time.

“This dividend underscores Arch’s robust capital position and our commitment to delivering value to our shareholders.”

The company also announced two executive promotions.

David Gansberg has been promoted to president, Arch Capital Group Ltd, with primary accountability for Arch’s Insurance Group.

Mr Gansberg, who has been chief executive of Arch’s Mortgage Group since 2019, now oversees Arch’s North American and International Insurance Operations.

Maamoun Rajeh has been promoted to president, Arch Capital Group Ltd, with primary responsibility for Arch’s Mortgage and Reinsurance groups.

In this expanded role, the company said, Mr Rajeh added responsibility for Arch’s market-leading Mortgage Group while maintaining oversight of the Reinsurance Group he has led since 2017.