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ARCH CAPITAL GROUP LTD. Greenwich, Connecticut Insurer In The Right Place At The Right Time.(A)
Byline: MARILYN ALVA
After the 9-11 terrorist attack hobbled the insurance industry, a number of new insurers stepped into the fray to write new business.
With no history of setbacks and premium rates at their highest level in years, they saw a market brimming with opportunities.
One of the newcomers was Arch Capital Group Ltd. Acting quickly after 9-11, management secured $763 million from private equity investors led by Warburg Pincus and Hellman & Friedman.
Though Arch Capital was already a public company from the remains of a failed predecessor firm, it was essentially starting from scratch.
New management figured that wasn't such a bad thing, either.
"We don't have any of the baggage of a company that has been in the business a long time," said Chief Financial Officer John Vollaro.
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