New ABIR officers elected for two year term

THURSDAY, NOV. 29: The Association of Bermuda Insurers and Reinsurers (ABIR) has elected its new officers for a two year term beginning on January 1, 2013.

Mike McGavick, CEO of XL Group plc was elected as Chair of the ABIR Board of Directors.  He succeeds Arch Capital Limited’s President and CEO Constantine (Dinos) Iordanou who has now completed a two year term as ABIR Chair.

Elected as first Deputy Chair is Neill Currie, CEO of Renaissance Re Holdings Ltd.  Elected as Second Deputy Chair is Stephen Catlin, Chief Executive, of the Catlin Group.

The Association represents 20 Class 4 property and casualty insurers and reinsurers with principal underwriting operations in Bermuda.  The association members wrote collectively $65 Billion (US) in global gross written premiums (CY 2011) on a capital base of $90 Billion (US). Attesting to the global nature of the business, premium income was collected from businesses in more than 100 countries.  The members of the association employ 34,000 globally.

Brad Kading, ABIR President and Executive Director, noted that Mr. Iordanou’s leadership had been greatly valued by the membership as he guided the association at a critical time during the Bermuda Monetary Authority’s build out of its group supervision framework and enhancements to its prudential supervision regime.  Mr. Iordanou guided the association through important meetings with European policy makers and through important consultations on systemic risk with the International Association of Insurance Supervisors (IAIS).