(Re)insurers Salute Founding Father
If you seek the late Robert Clements’ monument, look around Hamilton says the Bermuda insurance industry. In the latest issue of the official industry newsletter “Bermuda Insurance Update”, leading (re)insurers say the phenomenal growth spurt Hamilton experienced over the last 20 years was a direct consequence of the business strategy pursued by the man who is generally credited as the founding father of the island’s modern off-shore insurance sector.
Mr. Clements died in September at his Stamford, Connecticut home. He was 77.
“While he was known, loved, respected and revered by many people in the (re)insurance business, one only need look around and near the City of Hamilton to appreciate his great vision,” says “Bermuda Insurance Update” in a tribute to Mr. Clements. “There you see virtual monuments to the insurance industry in expensive, commercial real estate –- buildings that are just as much monuments to Mr. Clements. It was a by-product of his vision that led to them being built.
“The thriving insurance industry that can be found in Bermuda is to a large extent a result of masterful business moves made by Mr. Clements – moves that allowed other industry stalwarts to shine on the Bermuda and global stages.”
Brian Duperreault, current CEO of Marsh & McLennan Companies (MMC) and former chairman of ACE Ltd., told the newsletter: “Bob Clements was a giant of the global insurance industry. From his time as president of MMC, he went on to play a leading role in the foundation of the
Bermuda insurance market.
“Our industry, and our clients, owe him a huge debt of gratitude. Our thoughts and prayers are with his family.”
“Bermuda Insurance Update” reported that in 2002, ACE Ltd. and XL Capital Ltd. dedicated the walkway located between their two headquarters in Bermuda to Mr. Clements, who had been a founding director of both companies.
Two plaques were unveiled at the southern end of the walkway that links Pitts Bay Road to Gorham Road. One plaque recognised the contributions of Mr. Clements while the other reflected on the history of the old Bermudiana Hotel site on which the ACE and XL buildings stand.
“A pioneer of the international insurance industry in Bermuda, Mr. Clements’ creative approach to the business of risk transfer led to the formation of both ACE and XL in the mid-1980s,” then XL president and CEO Brian O’Hara said at the time: “The Robert Clements Walkway will serve as a lasting tribute to an exceptionally creative insurance leader. It was his perseverance and vision that led not only to the formation of ACE and XL but also helped turn Bermuda into one of the world’s leading centres for commercial insurance and reinsurance.”
Mr. Duperreault, then chairman and CEO of ACE Limited, said at the 2002 dedication ceremony: “We are delighted to be able to recognise the significant role that Robert Clements has played in the development of the international insurance industry in Bermuda.
“Mr. Clements was instrumental in promoting the Bermuda market as a solution to the insurance deficiency existing for many multi-national companies in the mid 1980s, and it was his foresight that helped make Bermuda the premier insurance domicile that it is today.”
Mr. Clements was co-founder and non-executive chairman of New York-based insurance brokerage firm Integro and was a director of Bermuda-based specialty insurer Ironshore. Before that he was Chairman of Bermuda-based Arch Capital Group Ltd., which he established in 1995 following a long career at Marsh & McLennan Companies Inc., where he was president and a member of the board.
In November leading Bermuda reinsurers attended a New York memorial service for Mr. Clements and paid tribute to his industry, integrity and long-term vision for the island.
