Local boys made good — Ace underwriters head to London
Here is proof that Bermuda can produce its own insurance industry talent, good enough to step out onto the global scene by relocating to the world financial service's powerhouse of London.
Ace Group of Companies' Dwayne Hunt and Andreas Lewin are packing their bags and heading off to work in the British capital. Ahead of them lie a number of years in one of the world's biggest centres for insurance and finance.
What makes the appointments of particular pride for Bermuda is that both men are Bermudian and have worked their way up the corporate ladder on the Island.
Fifteen years ago neither was involved in the Island's primary economic business, but then their career destinies changed.
It was a chance conversation onboard a Bermuda-bound airliner that sent Mr. Hunt on the path to becoming a senior underwriter for the Island's biggest international insurance and reinsurance company.
And for Mr. Lewin it was an "out of the blue" telephone call from an employer who had trawled through a university's alumni records to find potential Bermudians with maths and analytical skills that led to him entering the world of reinsurance. He is about to assume the role of deputy managing director of Ace Tempest Re Europe, based in London.
Mr. Lewin was the first of the two men to take up a job in the industry.
Following the devastation in the US caused in 1992 by Hurricane Andrew, Bermuda saw a boom in catastrophe reinsurance companies forming on the Island.
The new companies were on the look-out for talent and in particular people with technical and analytical skills such as maths and physics who could be trained to work in the industry.
Former Massachusetts Institute of Technology graduate Bill Hunter, then of Cat Limited, decided to trawl through the MIT alumni records seeking suitable Bermudian candidates. His search found Mr. Lewin, who has studied mechanical engineering.
Mr. Hunter cold-called and was told by Mr. Lewin's mother that she was sure he would not be interested. Despite that the two men eventually made contact.
"I told him I did not know what reinsurance was. He said 'You're perfect'," explained Mr. Lewin. The company was looking for people who could bring new thinking to the industry and were lumbered with bad habits.
He took the job, which primarily involved data collection and cat modelling, leading to underwriting then running a book. CAT Limited was eventually absorbed into the Ace Group. Mr. Lewin is leaving his post as president of Ace Tempest Re Bermuda to go to London.
There is a similarly interesting story about how Mr. Hunt joined the ranks of the insurance and reinsurance sector. He was heading for a veterinary career until he found himself on a Bermuda-bound plane with insurance executives who were heading for a symposium in Bermuda.
"I was sitting next to these people and heard what they were talking about and I started asking questions. I was motivated as it seemed like there were going to be some great opportunities," he said.
Mr. Hunt sought out a friend who was a risk manager at Bank of Bermuda and who gave him direction on how to achieve the necessary training and experience. He started out with Johnson and Higgins brokerage and gained an XL scholarship at the time. Which raised eyebrows for one XL executive who wondered why someone on the scheme was not only working for a brokerage and also not for XL. Within months that was put right with Mr. Hunt entering the employment of XL.
He went on to work for Arch Insurance, eventually becoming a vice-president, before joining Ace in 2005.
For the next two years he will work as a senior underwriter in London for Ace European Markets, working on European and Asian business before spending a further two years in the US and then back to Ace in Bermuda.
Both men are looking forward to the challenge of being based in London.
Mr. Hunt said: "It's personal development. Ace is keen to expand its employees' horizons and give them opportunities. You see a lot of people move around to experience working in different areas and positions.
"Ace recognises globalisation and that managers have to get off the Island to get experience. I'm excited about it and I'm looking forward to the challenge and experience."
Mr. Lewin is looking forward to getting exposure to a greater range of business lines, such as marine and aviation, through being London-based.
"I'm a property and catastrophe specialist. This will broaden my abilities. It is very healthy for me from a career standpoint. This opportunity is tremendous," he said.
"Ace is looking to expand into new markets when those markets are right. Ace does a very good job, it is a fantastic organisation and there are opportunities at Ace that may not come at other companies."