7 January 2021News

ABIR elects Grandisson, Albo and Schaper to lead it through 2021-2022

The Association of Bermuda Insurers and Reinsurers (ABIR) has elected Marc Grandisson as chair and Pina Albo as deputy chair in its biennial election of officers for 2021-2022.

At the same time, Christopher Schaper was named as second deputy chair.

Grandisson is the chief executive officer of Arch Capital Group, while Albo is chief executive of Hamilton Insurance Group. Schaper is the chief executive of AIG Re.

Past ABIR chairs Albert Benchimol, the president and chief executive of Axis Capital; Kevin O’Donnell, president and chief executive of RenaissanceRe Holdings and Stephen Catlin, chairman and chief executive of Convex, also serve as ABIR officers.

Grandisson thanked past ABIR chairs for the work they have done before in promoting the re/insurance industry in Bermuda. “Bermuda is well positioned for the upcoming market opportunities around the world and ABIR will continue to advocate for open, well-regulated competitive insurance markets globally,” he vowed.

Grandisson began his two-year term as ABIR chair on January 1. He joined Arch Reinsurance in October 2001 as chief actuary and was promoted to chief executive of Arch in March 2018.

Albo joined Hamilton as chief executive officer in January 2018 and is the first female chief executive to be elected an ABIR officer.

ABIR members wrote $109 billion in gross written premium and make up about 36 percent of the global reinsurance market based on property/casualty net premiums earned. ABIR members supplied nearly half of capacity for Lloyds of London Syndicates in 2019.

In Bermuda ABIR members contributed over $830 million to the island’s economy in 2019, including investments of over $131 million on local construction, real estate, housing and leasing.

John Huff, president and chief executive of ABIR, said: “The Bermuda market is critical to manage the risk challenges of the future and provide economic stability to international economies. Addressing increasing climate, cyber, terrorism, political, credit, retirement security, catastrophe and speciality risks is the Bermuda market value proposition.”

ABIR member companies include Aeolus, AIG, Arch, Ariel Re, Argo Group, Ascot, Aspen, Assured Guaranty, Awbury, AXIS, Chubb, Convex, Fidelis, Fortitude Re, Hamilton, Hannover Re, Hiscox, Lancashire, MS Amlin, PartnerRe, Qatar Re, RenaissanceRe, Sirius, Third Point Re, Validus Re, and Watford Re.

Broker advisory cabinet members include: Guy Carpenter/Marsh and Willis Towers Watson.