Marc Grandisson has been elected chairman of the Association of Bermuda Insurers and Reinsurers. He succeeds Albert Benchimol.
Mr Grandisson is chief executive officer of Arch Capital Group Ltd, and will serve a two-year term as Abir chairman. He was previously first deputy chairman of Abir.
He is among a group of newly elected officers for Abir. The organisation holds biennial election of officers. Pina Albo is deputy chairwoman, while Christopher Schaper is second deputy chairman.
Mr Grandisson said: “I’m energised to advance Abir’s international mission and look forward to working with my fellow Abir member companies to promote the Bermuda re/insurance market’s interests around the world.
“I’d like to thank past Abir chairs for their tremendous service in the public policy, education and advocacy for the Bermuda market. Bermuda is well positioned for the upcoming market opportunities around the world and Abir will continue to advocate for open, well-regulated competitive insurance markets globally.”
Mr Grandisson was promoted to CEO of Arch in March 2018, having joined Arch Reinsurance in 2001.
Ms Albo has been CEO of Hamilton Insurance Group since January 2018. In the summer of 2019 she became the first woman CEO to be elected an Abir officer when she became deputy chairwoman. Before joining Hamilton Insurance, Ms Albo had a 25-year spell at Munich Re where, among the senior positions she held, she was president of reinsurance at Munich Re America.
While Mr Schaper is CEO of AIG Re, which he joined in 2019. He has more than 30 years of re/insurance industry experience. Before AIG, he was with Marsh & McLennan Companies, where he was CEO of Victor Insurance Holdings, Marsh’s global managing general agent business.
Past Abir chairmen Mr Benchimol, Kevin O’Donnell, and Stephen Catlin also serve as Abir officers.
Abir members wrote more than $109 billion in gross written premium in 2019, which was 36 per cent of global reinsurance market based on property/casualty net premiums earned. The organisations members supplied nearly half of capacity for Lloyd’s of London Syndicates in 2019.
In Bermuda, Abir members lead the local economy and contributed more than $830 million to direct economic impact to the island in 2019, including investments of more than $131 million on local construction, real estate, housing and leasing.
John Huff, president and CEO of Abir, said: “Abir continues its rich history of international leadership in re/insurance markets with the election of these global leaders. The Bermuda market is critical to manage the risk challenges of the future and provide economic stability to international economies. Addressing increasing climate, cyber, terrorism, political, credit, retirement security, catastrophe and speciality risks is the Bermuda market value proposition.”