Seamus Fearon, previously Chief Actuary of Arch Capital Group Ltd.’s Global Mortgage Group, has been promoted to Executive Vice President (EVP), Credit Risk Transfer and Services, Global Mortgage Group.
This newly created role has been established to build on the firm’s growing participation in credit risk transfer programs, while at the same time assist those looking to enter this market.
Arch is a big player in mortgage insurance and reinsurance risk transfer, having participated in GSE credit risk transfer programs since 2013, when it partnered with Freddie Mac to develop its risk transfer program with the global reinsurance market.
In his new role, Fearon will be responsible for managing the firm’s credit risk transfer business and growing its credit risk services offerings.
He joined Arch in 2012 and in his most recent role as Chief Actuary of Global Mortgage Group, he had oversight of the firm’s capital management framework as well as the development of its analytics and modelling capabilities.
Chief Executive Officer (CEO) of Arch’s Global Mortgage Group, David Gansberg, said: “As the mortgage insurance market in the U.S. becomes even more competitive, it’s important for Arch to diversify its mortgage business to ensure we remain at the forefront of the industry.
“Seamus brings both an analytical perspective and business acumen to these units and I look forward to additional focus on these growth areas.”