Albert Benchimol Elected New ABIR Chair

January 7, 2019

The Association of Bermuda Insurers & Reinsurers [ABIR] today [Jan 7] announced its biennial election of new officers for 2019–20.

New ABIR officers elected at the organization’s recent board meeting are: Chair Albert Benchimol, President & CEO of AXIS Capital; Deputy Chair Marc Grandisson, President & CEO Arch Capital Group; and Second Deputy Chair Kean Driscoll, CEO of Validus Reinsurance.

Immediate Past Chair Kevin O’Donnell, President & CEO of RenaissanceRe Holdings, continues to serve as an ABIR officer and currently also serves as Chair of the Global Reinsurance Forum [GRF], an international group of companies that advocates for the reinsurance industry.

Mr Benchimol, who began his term January 1, was appointed President and CEO of AXIS in 2012, having previously served as a Director and Chief Financial Officer for the company. He formerly held senior roles at PartnerRe, Reliance Group, and the Bank of Montreal. He has also been appointed an external member of the Lloyd’s Council, effective next month.

Albert Benchimol Bermuda Jan 2019

“I’m proud to help advance ABIR”s mission and look forward to working with the ABIR Board and member companies to advocate the Bermuda re/insurance market’s interests around the world,” Mr Benchimol said.

“I’d also like to thank Kevin O’Donnell for his tremendous service as ABIR Chair during these past two years of challenges and change. The Bermuda market is well positioned, and ABIR will continue to advocate for open, well-regulated, competitive insurance markets globally.”

Past Chair, Mr O’Donnell said: “Albert is ideally suited to carry ABIR’s proud legacy forward and lead our industry into the island’s exciting future. ABIR’s efforts to advocate for addressing the global protection gap between economic and insured losses are critical to societies around the world, particularly for perils like cyber crime, flood, drought, wildfires and earthquakes.”

The organisation said, “ABIR members wrote $97 billion in global gross written premium [CY2017] and have paid over a quarter of a trillion dollars to policyholders and ceding companies in the United States and Europe over the past 20 years.

“Members also make significant investments in Bermuda’s economy. Data reported for calendar year 2017 by ABIR members showed ABIR’s aggregate direct economic impact to the island was $843 million, including travel, business, charity giving, construction expenses and compensation paid to Bermuda-based employees.”

“ABIR continues its rich history of leadership in international re/insurance markets with these new officers,” said John M. Huff, President & CEO of ABIR, which marked its 25th anniversary last year.

“Bermuda’s reinsurance and insurance markets are critical to managing risk and thereby providing stability to international economies. ABIR members are proud of Bermuda’s success in helping to solve some of the world’s toughest risk challenges.”

ABIR member companies include: AIG; Arch; Argo Group, Armour Group, Ascot, Aspen, Assured Guaranty, AXIS, Chubb, Enstar Group, Fidelis, Hamilton Re, Hiscox, Lancashire, MS Amlin, PartnerRe, Qatar Re, RenaissanceRe, Sirius, Third Point Re, Tokio Millennium Re, Validus Re, Watford Re, AXA XL. Broker advisory cabinet members include: Aon, Guy Carpenter and Willis Towers Watson.

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