MONDAY, NOVEMBER 12: Donald Kramer has been nominated to be inducted into the International Insurance Society’s 2013 Hall of Fame.
Mr Kramer is one of five candidates up for induction, which will take place on June 17 at the Grand Hyatt Seoul in Seoul, South Korea. Also nominated are Dr Marius Barnard, South Africa; Robert Benmosche, president and CEO, AIG, USA; J. Barry Griswell, chairman, Principal Financial Group, USA; and Jong-won Park, CEO, Korean Re, Korea.
Mr Kramer is currently the chairman and principal owner of ILS Capital and ILS Capital Limited, but he has had a distinguished 54 year career in the industry.
Among his accomplishments include starting Kramer Capital Consultants in 1975; the North American Company for Property and Casualty Insurance in 1984; Forming Tempest Reinsurance Company in Bermuda in 1993; and Ariel Holdings in 2005. While he was with Tempest Re, it was merged into ACE Limited and he became vice president at ACE under Brian Duperreault.
His bio on the Hall of Fame website states: “Probably the most unusual characteristic of Mr Kramer’s career is that he has never really been hired by anyone at an existing insurance company but instead has always started his own companies from a blank sheet of paper.
“This is a unique skill that few people possess.
“His track record may be unparalleled in terms of the number of successful companies of significant stature that he has established this way.
“Taking over an existing company suggests that an infrastructure already exists and that only management corrections are required to produce good performance. Starting a company from scratch on the other hand requires a great deal more organizational development, and one of Mr Kramer’s signature qualities is that he has always been able to attract a first rate team to achieve an outstanding result.”