The Bank of Bermuda yesterday named reinsurance executive John Charman as their 17th board member, having created an additional spot.

The move was said to be in keeping with what CEO Philip Butterfield has said is a focus for the bank ? capturing all the business it could from the Island's lucrative re/insurance sector.

Previously, the bank said that under HSBC ? after its sale to the multinational banking giant earlier in the year ? it would have a different capital base, that could spell much greater business opportunities. Mr. Butterfield cited Mr. Charman as bringing "a breadth of experience and knowledge that absolutely makes us better as a financial services company," he added.

The bank's deputy chairman, Paul Leseur, yesterday said: "Mr. Charman is a highly respected leader within the global insurance and reinsurance markets and we believe his experience will be of great value to Bank of Bermuda as it goes forward. We are very pleased that he has agreed to serve in this capacity and very much look forward to the insight and wisdom that he will bring to the board."

Mr. Charman's appointment fortifies the board's make-up in this area with its chairman, Joseph Johnson, being an executive of insurance giant AIG in Bermuda.

Mr. Charman said there was great potential for the bank "to forge much closer links with the industry".

Mr. Charman, a well-known figure in re/insurance circles, has been CEO and president of AXIS Capital since the company set up in November 2001. He has over 30 years of experience in the insurance industry and has been in senior underwriting since 1975, serving most recently as Deputy Chairman of ACE INA Holdings and President of ACE International. Mr Charman was also CEO at ACE Global Markets from 1998 to 2001.

Prior to that, Mr. Charman was CEO of Tarquin, the parent company of the Charman Underwriting Agencies at Lloyd's, deputy chairman of the Council of Lloyds, a member of the Lloyd's Core Reconstruction and Renewal Management Group, and a member of Lloyd's Market Board.

Mr. Charman said that he had been banking with the Bank of Bermuda since the 1980's, as well as having a long personal and professional relationship with HSBC.