Robert Clements, a global insurance industry leader who helped start several insurers and a brokerage died on Sept. 4, 2010 of cancer at age 77.
Clements founded Arch Capital Group and Ironshore Inc. and was instrumental in the launching of global insurers ACE Ltd. and XL Capital Ltd.
Clements was a longtime senior executive of several Marsh & McLennan, where he was responsible for Marsh’s worldwide insurance broking operations for many years and where he served as a director from 1981 to 1997 and as president from 1992 to 1994. He started Marsh & McLennan’s private equity business, MMC Capital, Inc., and served as its chief executive officer until 1996. He retired from Marsh & McLennan in 1996.
Four years ago, Clements founded Ironshore Inc., a Bermuda-based specialty insurer now run by CEO Kevin Kelley, who formerly headed American International Group’s Lexington Insurance.
In a statement issued over the weekend, Ironshore CEO Kelley said Clements’ “innovative approach to international business and leadership qualities have greatly fueled the evolutionary expansion of the global insurance landscape and Ironshore’s place in it.
Kelley said that Clements’ contributions to heightening insurance industry excellence “will continue to resonate throughout international markets now and in the future.”
In May 2005, Clements helped launch the insurance brokerage Integro, which competes with Marsh.
“Bob Clements had a legendary career, immense impact on the insurance industry and was a mentor to many of us in it,” said Integro President and CEO Peter Garvey. “Bob was a force of nature and his vision of what a brokerage firm could be initially attracted me and many of my colleagues to Integro. His impact will be felt for years to come and we will miss him greatly.”
Clements was non-executive chairman of Island Heritage Insurance Co. and a director of Riskclick Limited, as well as a former director of ACE Limited, Arch, Mid Ocean Limited, Hiscox PLC and XL Capital Ltd. He was chairman of the Risk Foundation, chairman emeritus of the College of Insurance, former chairman of the board of overseers of the School of Risk Management at St. John’s University, and an overseer emeritus of the Institute for Civil Justice.
Clements served the U.S. government as a member of its Services Policy Advisory Committee and of the President’s Advisory Commission on Product Liability, and was the recipient of The Free Enterprise Award in 1987.
Clements, a graduate of Dartmouth College, is survived by his wife of 55 years, Marilyn; his four children, Paula Sager of Providence, R.I., John Clements of Southport, Conn., Jeff Clements of Concord, Mass. and Ben Clements of Newton, Mass.; their four spouses; and 12 grandchildren.
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