AM Best has left the credit ratings of Bermudian-based insurer Vantage Risk unchanged following the change of leadership announced by the company this week.

Marc Grandisson, former chief executive officer of Arch Capital Group, has been appointed executive chairman of Vantage Group Holdings, while David Gansberg, former president of Arch, has been appointed CEO of Vantage.

Mr Grandisson’s appointment is effective immediately, while Mr Gansberg will not take up the CEO role until June 2027. Until then, Mr Grandisson will work with Vantage’s founding CEO, Greg Hendrick, through the transition.

The changes come after the $2.1 billion acquisition of Vantage by Howard Hughes Holdings, whose executive chairman is Bill Ackman, the prominent hedge fund manager.

When the deal closed last month, Mr Ackman said Vantage would serve as the cornerstone of Howard Hughes’s long-term insurance strategy while operating as an independent speciality insurance platform.

AM Best said the credit ratings of Vantage Risk Ltd (Bermuda) and its affiliates, Vantage Risk Specialty Insurance Company and Vantage Risk Assurance Company (both domiciled in Wilmington, Delaware), which do business as Vantage Group, remain unchanged.

“The appointments offer additional experienced industry leadership to the Vantage Group,” AM Best stated.

“While the transition represents a notable governance change following Howard Hughes Holdings’ acquisition of Vantage, the group’s balance sheet strength, operating performance, business profile, and enterprise risk management assessments remain unchanged. Additionally, the outlooks of these ratings remain positive.”

AM Best said it would continue to monitor the leadership transition through the remainder of Mr Hendrick’s tenure and Mr Gansberg’s transition into the new role.