8 January 2019News

ABIR appoints AXIS Capital CEO as chair

The Association of Bermuda Insurers & Reinsurers (ABIR) has appointed Albert Benchimol, president and CEO of AXIS Capital, as its chair for 2019-20.

Benchimol took on the role as president and CEO of AXIS in 2012, having previously served as director and CFO for the company. He has also held senior roles at PartnerRe, Reliance Group, and the Bank of Montreal.

Lloyd’s Council has also appointed Benchimol as an external member, effective next month.

“I’m proud to help advance ABIR”s mission and look forward to working with the ABIR Board and member companies to advocate the Bermuda re/insurance market’s interests around the world,” said Benchimol.

“I’d also like to thank Kevin O’Donnell for his tremendous service as ABIR Chair during these past two years of challenges and change. The Bermuda market is well positioned, and ABIR will continue to advocate for open, well-regulated, competitive insurance markets globally.”

Further to Benchimol’s appointment, Marc Grandisson, president and CEO of Arch Capital Group has been named deputy chair, and Kean Driscoll, CEO of Validus Reinsurance, has been named second deputy chair.

The immediate past chair Kevin O’Donnell, president and CEO of RenaissanceRe, will continue to serve as an ABIR officer. He also currently serves as chair of the Global Reinsurance Forum (GRF).

O’Donnell said: “Albert is ideally suited to carry ABIR’s proud legacy forward and lead our industry into the island’s exciting future. ABIR’s efforts to advocate for addressing the global protection gap between economic and insured losses are critical to societies around the world, particularly for perils like flooding, earthquakes, storms, cyber and terror risk, drought and other catastrophic exposures.”

ABIR members collectively wrote $97 billion in global gross written premium in 2017.

Furthermore, Data collected for 2017 showed ABIR’s aggregate direct economic impact to the island was $843 million, including travel, business, charity giving, construction expenses and compensation paid to Bermuda-based employees.

“ABIR continues its rich history of leadership in international re/insurance markets with these new officers,” said John Huff, president and CEO of ABIR, which marked its 25th anniversary last year. “Bermuda’s reinsurance and insurance markets are critical to managing risk and thereby providing stability to international economies. ABIR members are proud of Bermuda’s success in helping to solve some of the world’s toughest risk challenges.”

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