This appointment follows the forthcoming retirement of Tony Hay, set to conclude at the end of this year.
Matthew Smith will assume his new role on January 1st, 2024. In his capacity as Managing Director, he will report directly to Mike Lay, the Chief Underwriting Officer (CUO) for Long Tail Lines at Arch Insurance International.
This strategic leadership transition is a pivotal moment for Arch Insurance (Bermuda) and reflects the company’s commitment to maintaining strong leadership within the organization. Matthew Smith’s extensive experience and expertise will undoubtedly contribute to the continued success and growth of the company.
Hugh Sturgess, Chief Executive Officer (CEO), Arch Insurance International, commented: “I am delighted to announce Matt’s appointment. The fact that we are able to promote from within for this top position speaks to the calibre and depth of our Bermuda team.
“Bermuda is a core market for Arch, and we have invested heavily in our talent base in order to become one of the leading insurance companies on the island.”
In his new capacity, Matthew Smith will be entrusted with overseeing all facets of Arch Insurance (Bermuda)’s direct insurance operations. Smith brings a wealth of experience to this role, having been an integral part of the Arch team since 2002.
Currently serving as the Senior Vice President (SVP) and Underwriting Manager for Executive Assurance, a role he has skillfully fulfilled since 2011, Smith has exhibited a deep commitment to the organization’s growth and success. His prior experience includes serving as a Senior Professional Liability Underwriter at the global insurance giant, Chubb, further solidifying his extensive expertise in the industry.
Tony Hay commented on the new appointment, saying: “Matt is an exceptional underwriter and someone who truly embodies the values and principles that underpin Arch’s culture and our commitment to brokers.
He added: “He has spearheaded the development of our Executive Assurance practice and been central to our overall market success. I have no doubt that Matt will be a great success and will continue to develop the trusting and responsive relationships with our brokers that are the mainstay of how we do business.”
