Industry mourns death of former Arch Capital CEO Constantine Iordanou

Industry mourns death of former Arch Capital CEO Constantine Iordanou | Insurance Business America

Insurance News

Industry mourns death of former Arch Capital CEO Constantine Iordanou

Stalwart has made waves across many leading global insurers

Insurance News

By
Kenneth Araullo

Constantine “Dinos” Iordanou, former chairman and chief executive officer of Arch Capital Group, has died at age 74.

Iordanou grew up in Cyprus, where his father, a police officer, allowed him considerable freedom. He came to the United States in 1969 at age 19. After a 17-day boat trip, he arrived in New York with a suitcase and $250. He called home to let his family know he had arrived safely.

“The first words out of my mouth were, ‘Dad, I have arrived. I’m safe,’” Iordanou said to AM Best. “His first words were: ‘Did you register at school yet? And did you get a job?’”

Iordanou got a job pumping gas and enrolled in English language classes. He was accepted into New York University and earned a degree in aerospace engineering.

After working at Pratt & Whitney on jet engines, Iordanou joined American International Group Inc (AIG), which was hiring trainees with engineering backgrounds to evaluate submissions for satellite insurance coverage.

“I didn’t have any experience, but at least I could go and research the reliability of different rockets — the Delta 3914, Delta 3912 — and advise the underwriters as to the probabilities of failure when they were launching these vehicles,” Iordanou recalled. “I was an engineer helping in the underwriting process.”

Iordanou’s efforts at AIG earned him a spot in the company’s “fast-track” program. His success at the company led to an offer from Berkshire Hathaway as president of its commercial casualty division. He then held various positions at Zurich before joining Arch in 2002. He was named CEO in 2003 and chairman in 2009. He retired in September 2019.

In 2020, Iordanou launched Bermuda-based insurer and reinsurer Vantage with Greg Hendrick, CEO. He also served on the board of Verisk Analytics Inc and was senior independent director of the Bank of Cyprus.

Industry mourning the stalwart’s death

“The entire Arch family is saddened by the passing of former chair and CEO Dinos Iordanou,” Arch said. “In his nearly 15-year tenure as CEO, Dinos played an integral role in developing Arch into a market-leading company with a worldwide presence in insurance, reinsurance and mortgage insurance. He was full of life, incredibly generous and a role model for anyone seeking to make a lasting impact.”

Marc Grandisson, CEO of Arch Capital Group Ltd, also praised Iordanou, noting that “so much of Arch’s success over the past 20-plus years can be directly attributed to Dinos and his leadership.”

“Not only was he an insurance industry legend, but his leadership, tenaciousness and larger-than-life personality influenced both me and the company in many ways. We’ve lost a great man. He will be deeply missed,” Grandisson said.

“Dinos was a tremendous leader, mentor and industry icon, particularly in his founding role of Arch Capital Group as a Bermuda-based powerhouse since its post-9/11 start-up,” Association of British Insurers & Reinsurers (ABIR) president and CEO John M Huff said.

“The market greatly benefited from Dinos’ guidance as a long-time board member of ABIR — including a term as ABIR chair from 2011-2012. ABIR expresses its sincere condolences to the Iordanou family and all those whose lives were touched by this industry giant,” Huff said.

“It is with heavy hearts that we mourn the loss of Constantine (Dinos) Iordanou, a former member of our board of directors and friend to many Verisk colleagues,” Verisk said. “Dinos was a visionary leader, who left a lasting impact on the insurance industry and communities he supported in the U.S. and in his native Cyprus. As we bid farewell to such an extraordinary leader, colleague, and friend, we hope his family finds comfort in knowing his spirit lives on through the lives he touched, the legacy he created and the memories they made with him.”

Iordanou is survived by his wife, three children, and grandchildren.

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