XL Bermuda president to chair ABIC

The president of XL Insurance (Bermuda), Patrick Tannock, has been elected as chairman of the Association of Bermuda International Companies (ABIC).

Tannock replaces George Hutchings who has completed four years of service as chairman of ABIC.

He joined the ABIC board in 2005 and has been a member of the executive committee since 2008.

Tannock said: “At ABIC, our mission is to promote a sound business environment in Bermuda for the international business community and to advocate for balanced government policies that maintain Bermuda as a well-respected domicile of choice, while respecting the aspirations and values of Bermudians.

“George has led ABIC with a strong spirit of collaboration, including key stakeholders and Government, which I intend to continue.”

Tannock also noted that Bermuda, like many countries around the world, has experienced and continues to face accelerated and unprecedented change.

He said: “The issues we are experiencing are not unique to Bermuda. We are very much a part of a global village so in order to remain relevant and respected as a leading business jurisdiction, we must ensure that Bermuda is internationally cost competitive, maintains a low barrier of entry for financial and high-quality intellectual capital and continues to identify ways to enhance our value proposition.”

“Bermuda has a great track record of responding to opportunities and challenges that come from change. If both Bermudians and internationals work together, I am confident that despite facing unprecedented challenges, we will continue to evolve as the jurisdiction of choice.

“I look forward to working with the ABIC board, our membership, the Government and the community to promote and preserve Bermuda’s reputation as a desirable destination for business.”