Miami, FL — Applied Risk Capital (“ARC”) is pleased to announce the appointment of Paul Livingstone as Managing Director and Head of Portfolio Credit. In this newly created role, Livingstone will lead the strategic expansion of the firm’s market-leading leveraged finance non-payment insurance practice into portfolio underwriting.
"We are thrilled to welcome a leader of Paul’s caliber," said Andrew Shapiro, founder & chief executive officer of ARC. "His arrival marks a pivotal step in our growth, allowing us to continue to serve our insurer and bank clients. Addressing the Portfolio Credit market is a natural extension of our core leveraged-finance underwriting activity.”
As a 39-year industry veteran, Livingstone has a long track record of building top-tier credit underwriting platforms addressing a variety of underlying exposures. Most recently, he led the successful expansion of Vantage Group’s credit risk re/insurance business, with a focus on Portfolio Credit.
Livingstone also spent 15 years as head of structured finance at Assured Guaranty, where he established and grew several new credit businesses. Prior to that, he served as head of structured insurance at Ambac Assurance, focused on innovative credit risk transfer solutions for insurers and insurance buyers.
“I am excited to join Andy and the ARC team and contribute to its continued success,” said Livingstone. “I look forward to bringing my skills and experiences in the credit and insurance markets to bear as we grow ARC’s best-in-class underwriting platform.”
ARC joined Amwins’ Underwriting division in 2025, adding leveraged finance to the division’s diversified portfolio. Amwins collectively underwrites $5.9B across four divisions and 140 programs and is supported by 650 expert underwriters.
About ARC
Applied Risk Capital is a Managing General Agent (MGA) specializing in credit insurance solutions for the leveraged finance market. Founded by a team of seasoned finance and insurance professionals, ARC helps financial institutions and investors manage default risk, increase use-case flexibility for underlying capital and gain competitive positioning in loan syndications. Learn more at arc-credit.com.
