AIG reveals new Validus Re CEO
The Association of Bermuda Insurers and Reinsurers (ABIR) has elected Hamilton Insurance Group CEO Pina Albo as its deputy chair, filling the unexpired term of former Validus Re CEO Kean Driscoll.
Driscoll stepped down from his ABIR leadership role upon his recent appointment as global chief underwriting officer for AIG’s property and agriculture insurance.
“On behalf of the Bermuda market, I want to thank Kean Driscoll for his industry leadership and for his service to ABIR as an officer,” said Albert A. Benchimol, president and CEO of AXIS Capital and current chair of ABIR. “We welcome Pina Albo as an ABIR officer and look forward to leveraging her extensive insurance leadership experience to continue Bermuda’s leading underwriting position in the global re/insurance industry.”
Albo is the first woman elected to serve as an ABIR officer. Her experience in the industry is significant. Pina began her career as a lawyer in Toronto, Canada. After practicing in real estate, corporate finance and M&A, she accepted a position at Munich Re as a claims expert. During her 25-year career at Munich Re, she held increasingly senior positions which included head of casualty Unit, North America/UK and International D&O/EPL; head of casualty operations at Munich Reinsurance Company of Canada and Temple Insurance Company; executive head of department UK and Ireland; President, National Clients Division, Munich Re America; and president, Reinsurance Division, Munich Re America. Albo’s last position at Munich Re was member of the board of executive management where her responsibilities included P&C business and operations in Europe and Latin America.
She has been recognized for her contributions to the insurance industry and has received numerous awards including the Association of Professional Insurance Women’s “Woman of the Year” (2011). She was designated a “Top Influencer” in Insurance Business America’s List of “Hot 100” (2014) and placed on Intelligent Insurer’s list of ‘Top 100 Women in Re/insurance” (2014 and 2015).
“I’m delighted to join the esteemed ABIR Leadership,” said Albo. “Although I’ve been with Hamilton for almost two years, it didn’t take me long to realize the integral role the association plays in protecting and nurturing the Bermuda re/insurance market. As CEO of a Bermuda-based company, I welcome any part I can play in helping ABIR, and the Island, meet their objectives.”
The election of Albo was held at the Summer board meeting of ABIR. Marc Grandisson, CEO of Arch Capital Group continues to serve as ABIR First Deputy Chair. Also, at the quarterly board gathering, Convex Group was elected into membership of the association.
Insurance industry veteran Stephen Catlin is to lead the new Bermuda-based re/insurer with $1.8 billion of committed capital. Catlin was Chair of ABIR in 2015–16. Convex will underwrite insurance and reinsurance for complex specialty risks across a broad range of businesses in both London and Bermuda, and the holding company will be based in Bermuda. In dollar value of capital, it is the largest re/insurance start-up in the Bermuda market’s history.
“ABIR’s executive leadership bench is deep. The entire membership thanks Kean Driscoll for his exemplary service, looks forward to working with Pina Albo in her role as an ABIR Deputy Chair, and reconnecting with Stephen Catlin and the growing team at Convex Group on behalf of the World’s Risk Capital—Bermuda,” said John Huff, chief executive of ABIR.
ABIR, Pina Albo, appointment, board, John Huff