Canadian Underwriter

Where The Guarantee Company’s CEO landed after Intact acquisition

November 18, 2020   by Greg Meckbach

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Stephen Ruschak, who led The Guarantee Company of North America at the time it was acquired by Intact Financial Corp., is now working for Arch Capital Group Ltd.

Bermuda-based Arch Capital announced Tuesday that Ruschak is now executive vice president of surety for Arch Insurance.

Ruschak (pictured, above) joined The Guarantee in 2009 as president of its U.S. operations, working out of the Detroit area. At the time, the Guarantee was owned by Cambridge, Ont.-based Princeton Holdings Ltd. Intact closed its acquisition of The Guarantee in December 2019.

In May 2019, Ruschak was promoted to CEO of The Guarantee, replacing Jules Quenneville, who returned to his role as president and co-CEO of Princeton Holdings.

Intact first announced in August 2019 its agreement to acquire both the Guarantee and managing general agent Frank Cowan Company for $1 billion. Princeton did not sell its retail brokerage, Cowan Insurance Group.

With its acquisition of The Guarantee and the 2017 acquisition of OneBeacon, Intact’s specialty lines division is “now a really meaningful business,” Intact CEO Charles Brindamour said during a fireside chat this past May with Barclays’ financial services analyst John Aiken.

At Arch, Ruschak will report to Rich Stock, who is chief underwriting officer with responsibility for large account casualty, surety, and warranty/lender solutions for Arch Insurance North America.

Ruschak indicates in his LinkedIn profile that he works out of the Philadelphia area.

“His unique background, including experience leading and profitably growing companies, will allow him to bring different perspectives to this role and to our company,” Stock said of Ruschak Nov. 17 in a release.

In 2019, Intact and The Guarantee ranked second and third  – with 16.5% and 12.4% market share respectively – in the Canadian surety market, according to the 2020 Canadian Underwriter statistical guide.

In Canada, Arch writes property and casualty insurance through Arch Insurance Canada Ltd.

Worldwide, Arch Capital reported US$6 billion in net premiums written in 2019, of which US$2.64 billion was from commercial primary insurance, US$1.6 billion was from reinsurance, and US$1.26 billion was from mortgage insurance. Arch Capital had 4,300 employees as of Feb. 21, Arch said this past March in its annual report for 2019.

Arch Insurance opened its Canadian branch in 2005. In 2019, Arch Insurance Canada Ltd. had net premiums written of $13.7 million (which included $6.9 million in liability, $4 million in commercial property and $1.2 million in auto), while Arch Reinsurance Company had net premiums written of $11.5 million in Canada in 2019.

In the Lloyd’s market, Arch writes insurance through Arch Syndicate 2012 and Barbican Syndicate 1955.

Ruschak has a history degree from Albion College (Michigan), a JD degree from the University of Detroit School of Law, and an MBA from The University of Chicago Booth School of Business. He is a past president of the National Association of Independent Sureties.

Before joining The Guarantee, he worked for various insurers including CNA, Platinum Underwriters, and Willis Re, Ruschak notes on LinkedIn.

“I’m excited to join a leading organization like Arch, and the surety team specifically,” Ruschak stated Nov. 17 in an Arch release.

Feature image courtesy of The Guarantee Company of North America

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