The president of XL Insurance (Bermuda) Ltd has been elected as the new chairman of Bermuda’s international business group.

Patrick Tannock will replace George Hutchings, senior vice-president and chief operations officer of Oil Insurance in the top role at the Association of Bermuda International Companies (ABIC).

Mr Tannock said that the Island had faced “accelerated and unprecedented change” over the last few years — and called for Bermudians and the international sector to work together to overcome the challenges.

He added: “The issues we are experiencing are not unique to Bermuda.

“We are very much a part of a global village so in order to remain relevant and respected as a leading business jurisdiction, we must ensure that Bermuda is internationally cost competitive, maintains a low barrier of entry for financial and high quality intellectual capital and continues to identify ways to enhance our value proposition.

“This includes focusing on providing superior services and execution excellence while remaining user friendly and solution orientated.”

He added: “Bermuda has a great track record of responding to opportunities and challenges that come from change.

“If both Bermudians and internationals work together, I am confident that, despite facing unprecedented challenges, we will continue to evolve as the jurisdiction of choice.”

Mr Tannock said: “I look forward to working with the ABIC board, our membership, the Government and the community to promote and preserve Bermuda’s reputation as a desirable destination for business.”

Mr Tannock joined the ABIC board in 2005 and was made a member of its executive committee in 2008.

Mr Hutchings stepped down after four years as chairman.

Mr Tannock said: “George has led ABIC with a strong spirit of collaboration, including key stakeholders and Government, which I intend to continue.”

ABIC represents more than 100 firms in the international sector, including insurance and reinsurance, investment managers, banks, accounting and audit companies, pharmaceuticals and shipping.

Its education awards offers scholarships to qualified Bermudians in financial need and also supports studies in areas related to the international business sector.