Insurance Legend Bob Clements Dead At 77

Robert Clements, one of the key figures in the history of the Bermuda insurance world, passed away yesterday [Sept 5]. The 77-year-old businessman had been battling cancer.

Widely credited for his involvement in establishing Bermuda as a global insurance centre, Mr Clements began his career at Royal Insurance Co. in 1957 and was involved with major insurance companies including Marsh, Ace, Arch and XL. He was instrumental in many of the commercial property and casualty insurance industry’s most successful ventures, and considered something of a transformer of how capital is applied to insurance market shortages.

Forbes Magazine said “Robert Clements became a legend making big money in Bermuda insurance.” During a decades long career Mr. Clements is described as having “revolutionized the Bermuda insurance industry,” with others calling him a “founding father” of the Bermuda insurance world.

The Robert Clements/ACE Scholarship, which offers Bermudian students the opportunity to study for undergraduate or graduate degrees in disciplines related to the insurance industry, was established in 1996 and offers an annual fully-funded, four-year scholarship at accredited overseas universities.

Read more about Mr Clements career here.

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