The Association of Bermuda Insurers and Reinsurers (ABIR) announced the election of its new officers for a two year term beginning on January 1, 2013.
Mike McGavick, CEO of XL Group pl, was elected as Chair of the ABIR Board of Directors. He succeeds Arch Capital Limited’s President and CEO Constantine (Dinos) Iordanou who has now completed a two year term in the post.
Elected as first Deputy Chair were Neill Currie, CEO of Renaissance Re Holdings Ltd and Stephen Catlin, Chief Executive, of the Catlin Group, as Second Deputy Chair.
The Association represents 20 Class 4 property and casualty insurers and reinsurers with principal underwriting operations in Bermuda. Its members wrote collectively $65 Billion (US) in global gross written premiums (CY 2011) on a capital base of $90 Billion (US). Attesting to the global nature of the business, premium income was collected from businesses in more than 100 countries. The members of the association employ 34,000 globally.
Brad Kading, ABIR President and Executive Director, noted that Iordanou’s leadership had been greatly valued by the membership as he guided the association at a critical time during the Bermuda Monetary Authority’s build out of its group supervision framework and enhancements to its prudential supervision regime.
He also pointed out that Iordanou had guided the association through important meetings with European policy makers and through important consultations on systemic risk with the International Association of Insurance Supervisors (IAIS).
Source: Association of Bermuda Insurers and Reinsurers