Arch Capital Group Ltd. (NASDAQ:ACGL) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersITEM 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
to a Service Agreement dated September 21, 2017, commencing March 2, 2018 Mr. Iordanou will transition from Chief Executive Officer of Arch Capital Group Ltd. (“ACGL”) and will remain as a member of ACGL’s Board of Directors and will serve as non-executive Chairman of the Board. Under the agreement, Mr. Iordanou has agreed to provide 50 days of services per year to ACGL, as requested by ACGL’s Chief Executive Officer or the Board of Directors. For his services, Mr. Iordanou will be paid base compensation of $500,000 per year, will be eligible for a bonus with a target of 50% of his base compensation, and will be eligible for other specified benefits as set forth therein. Mr. Iordanou has agreed to noncompetition, nonsolicitation and confidentiality covenants as set forth in the Service Agreement.
The Service Agreement has been included as Exhibit 10.1 hereto, and is incorporated herein by reference. The above description of the Service Agreement is qualified in its entirety by reference to such exhibit.
ITEM 9.01Financial Statements and Exhibits.
ARCH CAPITAL GROUP LTD. ExhibitEX-10.1 2 ex101serviceagreement.htm EX 10.1 SERVICE AGREEMENT Exhibit Exhibit 10.1SERVICE AGREEMENTSERVICE AGREEMENT (“Agreement”) dated September 21,…To view the full exhibit click here
About Arch Capital Group Ltd. (NASDAQ:ACGL)
Arch Capital Group Ltd. writes insurance and reinsurance on worldwide basis. The Company operates in five segments: insurance, reinsurance, mortgage, other and corporate. The Company’s insurance, reinsurance and mortgage segments are underwriting segments. The insurance segment’s product lines include construction and national accounts; excess and surplus casualty; lenders products; professional lines; programs; property, energy, marine and aviation; travel, accident and health, and other, which includes alternative market risks and excess workers’ compensation. The reinsurance segment’s product lines include casualty; marine and aviation; other specialty; property catastrophe; property excluding property catastrophe, and other, which includes life reinsurance and casualty clash businesses. The mortgage segment includes the results of Arch Mortgage Insurance Company (Arch MI U.S.) and Arch Mortgage Insurance Designated Activity Company (Arch MI Europe).
