Arch Capital Group (ACGL) has appointed Andrew Rippert as chief innovation and strategic investment officer.
In this newly created role Rippert will be responsible for pursuing innovative business models and developing a pipeline of creative products and services.
He will report to president and CEO Marc Grandisson.
Rippert joined Arch in 2010 and most recently served as CEO of the Global Mortgage Group for ACGL.
Commenting on the appointment Gansberg shared: “At Arch, we have always considered innovation a key part of expanding our business and meeting our customers’ needs.”
Adding: “What has been accomplished in the Mortgage segment over the past few years, under Andrew’s leadership, has been amazing. By creating this new role, we’re tasking Andrew with developing the long-term future of the firm and determining how we will capitalize on the opportunities ahead of us.”
Consequently, David Gansberg will succeed Rippert as CEO, Global Mortgage Group.
Gansberg will oversee all of Arch’s mortgage insurance operations worldwide, including Arch MI.
Gansberg joined ACGL in 2001 and most recently served as president and CEO of Arch Mortgage Insurance Company (Arch MI).
Grandisson commented: “This move is only possible because of the deep talent pool that exists in the Mortgage segment. David has been a key member of Arch’s leadership team since our founding in 2001 and has excelled in building and guiding Arch MI to its market leading position in the U.S.”
He added: “His promotion ensures the continuity of our strategy and approach to the business and provides him with new challenges and opportunities globally.”
Michael Schmeiser will become the new president and CEO of Arch MI. He will report to Gansberg.
Schmeiser joined ACGL in 2017 following Arch’s acquisition of United Guaranty from AIG, where he held senior strategic roles.
He has nearly 20 years of strategy experience, primarily in financial services.
Gansberg said: “Michael Schmeiser has been a real asset since joining Arch. I’ve enjoyed working with him and know that he’s had a great opportunity to learn directly from Andrew,”
“He’ll bring that insight and a fresh perspective to Arch MI.”