Bermuda Industry Founding Father Honoured
One of the founding fathers of the modern Bermuda re/insurance industry has been ranked as the fifth most influential power player of the last 30 years by trade journal “Reactions”.
Robert Clements, who founded Ace and XL along with Arch Capital Group, was saluted by the magazine as it continues to celebrate its 30th anniversary by listing off the most important industry individuals and events of the last three decades.
Mr. Clements, who died last September at 77, is widely credited with developing Bermuda into a global insurance hub.
Dozens of leading Bermuda industry figures attended a New York memorial service for Mr. Clements held at the Waldorf-Astroria Hotel in November.
In December the Bermuda re/insurance sector saluted Mr. Clements’ contributions to the island in its official newsletter: “The thriving insurance industry that can be found in Bermuda is to a large extent a result of masterful business moves made by Bob Clements – moves that allowed other industry stalwarts to shine on the Bermuda and global stages.”
Born in Chicago, Mr. Clements was a longtime employee Marsh & McLennan Co.’s insurance-brokerage business, rising up the ranks to become the unit’s president and CEO in the late 1980s.
After retirng from Mars & McLennan in 1996, Mr. Clements went on to found Ironshore Inc., a Bermuda-based specialty insurer which has grown quickly in recent years after recruiting key executives from competitors, including American International Group Inc.
Earlier this month Mr, Clements’ protege Brian Duperreault, the Bermudian re/nsurance executive who now serves as president of Marsh & McLennan and formerly headed ACE, was ranked as the eighth most influential industry figure by “Reactions.”
The “Reactions’” tribute to Mr. Clements reads: “Robert Clements played a vital role in the growth of Bermuda as a market. During a career at Marsh between 1959 and 1996 Clements had an uncanny ability to see opportunities and act on them, bringing capacity to the market when clients most needed it.
“Clements founded American Casualty Excess, now known as Ace, to plug the coverage gap in the commercial liability market in the mid-1980s. Soon after he helped form Exel, now XL Group. He became vice-chairman of Marsh & McLennan in 1991 and president in 1992. In 1993, he helped form Mid-Ocean Re. He also launched Marsh’s investment vehicle, now known as Stone Point Capital.
“In 2000 he converted a US reinsurer he led, Risk Capital Re, into Arch Capital. In 2005, he formed US broker Integro following Eliot Spitzer’s investigation of the industry. And in 2006, he led the formation of Ironshore, a Bermudian catastrophe insurer.
“Clements passed away last year, leaving the industry to mourn the loss of a true pioneer.”
Amazing, never heard of this man until today, he helped create hundreds of jobs and not one post to celebrate his life and demonstrate appreciation for his legacy. But put up a story about Premiers next trip overseas, or why the country needs to attract more talent like Mr Clements and you lot would be all over it with 200+ posts. The biggest problem facing us is the lack of vision, or real macro strategy for the people who are now in the 0-15 age bracket, no passionate debate, marches to cabinet, or companies for their future. Just petty bickering about the person sitting beside you at work, who earns more than you do, or the neighbor who has a bigger house or car. It’s like Bermuda needs a catastrophic event to make us find some common sense and work hard to create a country that can be envied globally for the next 30 years. If onl we could movebfrom personal attack culture, to a culture of collaboration and respecting people, even those who dont take home over $ 1,000,000 per year.