Veteran insurance executive Stephen Weinstein has been elected the new chairman of the Bermuda Business Development Agency.

Mr Weinstein, who previously served as deputy chairman, succeeds Paul Scope, who is stepping down from the BDA board after seven years of service, the last three as chairman, having been a member since its inception in 2013.

The BDA also announced that Michael Hanson and George Thomas are to join its board of directors immediately.

Kiernan Bell, a former BDA chairwoman and also a founding member of the board, is also to retire from her position.

The BDA said Mr Weinstein will depart RenaissanceRe as executive vice-president, group general counsel, corporate secretary and chief compliance officer on December 31 to serve as an adviser.

Mr Scope, chairman of Willis Towers Watson Bermuda, said: “I congratulate Steve, Mike and George on their appointments and have every confidence in their abilities to advance the BDA’s mission. They are stepping up at an incredibly significant moment for Bermuda’s international business sector and I remain bullish about its future.”

He added: “I pay tribute to all my fellow board members, past and present, who volunteer their time and efforts because they care deeply about Bermuda’s economic welfare and want to do their part.

“For me personally, it has been a great honour and a privilege to serve Bermuda in this capacity and I will continue to champion the jurisdiction in every way possible.”

Mr Weinstein said: “I extend my sincere thanks and appreciation to Paul and Kiernan, both of whom have played an integral role not only in contributing to the BDA’s development but to the jurisdiction as a whole.

“I am pleased to welcome Mike and George, internationally-recognised advisers in their fields of expertise, and look forward to working with them. I have no doubt they will bring valuable knowledge and insights as we work together to identify and pursue opportunities for growth.”

He added: “Bermuda’s unrivalled experience in matching risk and capital, combined with its internationally respected regulatory standards and innovative track record, means it is well-positioned to play a meaningful, global role across a range of industry verticals, ranging from our traditional strengths in risk solutions to the emergent, pressing needs of climate risk finance.

“Our entire board is committed to supporting the BDA executive team and our partners in advancing this mission and supporting sustainable, equitable prosperity in Bermuda.”

The BDA said Mr Hanson is the managing partner of Carey Olsen Bermuda and sits on the executive board of the Carey Olsen Group, one of the largest offshore law firms with offices in Singapore, Jersey, Guernsey, Hong Kong, Cape Town, British Virgin Islands, Cayman Islands and London. He established the Bermuda office just over three years ago and has overseen its rapid growth.

Prior to establishing Carey Olsen Bermuda in 2017, Mr Hanson was partner and head of the employment and immigration team at Appleby in Bermuda after practicing law in the United Kingdom for almost 10 years.

The BDA said he has significant expertise in multi-jurisdictional crisis management, corporate, employment and regulatory investigations, complex executive disputes and executive benefit and incentive programmes.

The BDA said that Mr Thomas brings more than 30 years of experience in investment banking, institutional capital market structure, asset management, financial technology, commercial banking, and internal audit at a broad range of financial services firms in Bermuda, North America, Asia and Europe.

He is the chief operating officer of XB Market Ventures, a global fintech firm, headquartered in Bermuda, that develops digital asset market infrastructure and provides strategic advisory services.

Since 2007, the BDA said, he has served on alternative asset management boards for Omni Partners, a global multi-strategy investment management firm based in London.

He also serves as vice-chairman for Waterstart Ltd, a Bermuda registered charity focused on professional development for Bermudians and promoting environmental awareness, and is a board member for FlexPaths, a certified women-owned business that has been driving workplace mobility, diversity and innovation since 2005.

Mr Thomas is a guest lecturer at Harvard Law School on cybersecurity disclosure considerations for public companies.