Butterfield Bank yesterday promoted three Bermudian candidates to more senior positions.

President and chief executive officer Alan Thompson said: "As a bank we need professional and talented people in leadership roles. It is a great strength of our bank that we can advance talent from within our own ranks. We have an incredible senior management team at Butterfield Bank and I am very pleased to be able to strengthen it with these promotions."

Sheila Brown is now senior vice president, Investment Services Division. She joined the bank's trust business in 1999 as vice president, client administration and later took on the additional responsibility of Global Custody. In 2002, Mrs. Brown was promoted to managing director, Butterfield Trust with responsibility for 85 staff in Trust Services, Investment Services and Global Custody. Previously, she worked at Bermuda Commercial Bank and Fidelity Investments. She has also served as director of several corporate and Government Boards.

Graham Jack was promoted to Managing Director, Butterfield Trust and is responsible for managing and developing the Bank's personal trust, estates and company management business. Prior to joining Butterfield Bank last year, Mr. Jack worked for 17 years at Bank of Bermuda in progressively senior roles in the corporate banking, investment and private client divisions, which

included positions in New York, Cayman and London. He holds a Bachelor of Commerce Honours Degree from Queens University at Kingston, Ontario, Canada and is a Chartered Financial Analyst. He has also completed the STEP Diploma in International Trust Management.

Aaron Spencer was promoted to senior vice president, Head of Operations with responsibility for managing and developing the Bank's operations in Bermuda. After joining the bank as a senior accountant in Butterfield Corporate Services in 1985, he moved to Internal Audit where he rose to Head of Group Audit. In 1986 he took over as vice president, head of Banking Operations.

Mr. Spencer previously worked for Peat Marwick International as a Senior Auditor and for the Bermuda College as a part-time professor of Intermediate Accounting. He has a Bachelor of Science degree in Business Administration, and a Masters degree in Business Administration, from Oakwood College and Atlanta University respectively. He is a member of the Institute of Chartered Accountants of Bermuda, and the Canadian Institute of Chartered Accountants and is also certified by the Georgia State Board of Certified Public Accountants

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Bermuda-based Assured Guaranty Re International Ltd. has appointed David Penchoff to the position of Chief Underwriting Officer. "David is well suited for this expanded leadership role as we consolidate our financial guaranty reinsurance business in Bermuda," said Pierre Samson, president of Assured Guaranty Re.

"His financial guaranty underwriting expertise, management experience and industry contacts will help us reinforce and expand our leading position in this industry."

Mr. Penchoff joined Assured Guaranty Re as a senior vice president in 2003.

His previous experience included ten years at MBIA Insurance Corp.managing director for public finance.

He also was a vice president in the Bond Insurance ratings group at Standard & Poor's and prior to that was an investment officer at Aetna Life and Casualty. He received his graduate degree in public administration from the University of Southern California and his undergraduate degree from the University of Connecticut.

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Beecher Carlson Holdings Inc. has hired John J. Hayes as vice president. Hayes, who spent 12 years in the large corporate client group at Atlantic Mutual Insurance Company, will focus primarily on the production of large property and casualty risk management business.

He holds a BA in Business Economics from the State University of New York at Brockport and a Master of Science degree in Business Management from Polytechnic University in Brooklyn, New York. Beecher Carlson is a privately held global insurance firm offering insurance brokerage, captive management and risk management consulting services to its clients.

It is headquartered in Atlanta bus also maintains operations in several other regions including Bermuda and The Cayman Islands.