Bermuda’s Arch Capital Group Ltd. announced that Paul Ingrey, vice chairman of the company, has been appointed chairman of the Underwriting Oversight Committee of the Board of Directors.
The bulletin described the Committee, which was formed at the request of company’s CEO, as providing “oversight on underwriting matters to help ensure that underwriting discipline is being maintained.”
Ingrey, who came out of retirement to serve as chairman and CEO of the company’s reinsurance operations from 2001 to 2004, has agreed to serve as vice chairman through October 2007.
In a related announcement Arch noted: “When Mr. Ingrey joined the Company in late 2001 to build its reinsurance operations, he received a grant of 422,407 restricted shares, which recently vested on October 23, 2004. Mr. Ingrey informed the Company that he intends to sell in open market transactions up to approximately 150,000 shares to pay personal income taxes associated with the vesting of his award.”
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