Andrew Gibbs Appointed At Monetary Authority

January 2, 2014

Andrew GibbsThe Bermuda Monetary Authority today [Jan 2] announced the appointment of Andrew Gibbs to the position of Director, Supervision (Insurance).

Reporting to Craig Swan, Managing Director, Supervision, Mr. Gibbs will be responsible for the supervision of one of the world’s largest insurance markets, effective Monday, 6th January 2014.

Commenting on the appointment, Mr. Swan said, “We are pleased that Andy has joined the Authority as our new Director, Supervision (Insurance) and will be responsible for the supervision of Bermuda’s insurers and insurance groups.

“The addition of quality hires like Andy assists the Authority in its mission to protect and enhance Bermuda’s reputation and position as a leading international financial centre.

“We are delighted to attract staff with decades of business experience and technical expertise, such as Andy, in order to continue the effective implementation of a forward-looking risk-based supervisory framework that addresses the unique characteristics of Bermuda’s financial sector.”

Mr. Gibbs said, “I am pleased to be joining the Authority at such a pivotal time for global regulatory change in the insurance and reinsurance industry.

“I am looking forward to working with my colleagues at the Authority as we continue to build out the regulations here in Bermuda, as well as in ensuring that our practical risk-based approach to regulation continues to earn full credit in relation to global equivalency efforts.”

Mr. Gibbs is a Chartered Accountant and Chartered Insurer with 27 years of experience in the Bermuda market. For the past five years he has held positions at Validus Holdings Ltd as Executive Vice President, Head of Internal Audit following a period as the company’s Group Controller.

Prior to that, he spent 12 years with the ACE Group of Companies as Chief Financial Officer of ACE Global Re as well as Chief Financial & Operating Officer of ACE Bermuda. Mr. Gibbs was also with Ernst & Young, Bermuda from 1986 to 1996, where he became the lead insurance audit partner and led a technology consulting department.

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