American insurance regulatory big hitter Walter Bell has been appointed to the Bermuda Monetary Authority's (BMA) board of directors as Bermuda bids to improve its links with the US.

Mr. Bell, who served one year as president of the US National Association of Insurance Commissioners (NAIC) and was named Alabama's chief insurance regulator in January 2003, was officially unveiled by Finance Minister Paula Cox and chairman of the BMA, Alan Richardson, at a press conference yesterday.

He replaces Bermudian Brian Duperreault, who stepped down to focus on his new role as CEO of Marsh & McLennan.

"I hope to learn something about the international marketplace, because Bermuda is a leader in the international marketplace," said Mr. Bell.

"The evolution of the insurance industry has been moving faster than it ever has before and the reinsurance industry is of huge importance to Bermuda.

"The growth that Bermuda is seeing is probably going to continue for some time to come."

Ms Cox said that as a world-class financial industry, Bermuda's required a world-class regulator, and therefore the BMA's board of directors should be up to the same standard, while there was significant collateral benefit to the Authority and the Island's insurance sector in Mr. Bell's appointment in that Bermuda's re/insurance market provided more than 40 percent of the cover for US property risks.

"Mr. Bell's expert knowledge and regulatory experience in the US insurance markets will complement the co-operative efforts of the two jurisdictions in the international regulatory arena.

"I consider this to be an additional strength for the BMA as it becomes more involved in forums that discuss and recommend changes and enhancements to regulatory standards for financial services."

She said Government was keen for the BMA to develop Bermuda's financial services framework in line with international standards and maintain its reputation as a top financial centre.

"The significant skills and attributes Mr. Bell brings to the Authority's board will contribute to the organisation's effective corporate governance and build on its reputation as an internationally recognised regulatory authority."

Mr. Bell, who has extensive experience in insurance regulation and actively takes part in the review and development process for insurance regulation at both US and international levels, is commissioner of insurance for Alabama and vice-chairman of teh International Association of Insurance Supervisors, as well as serving on the NAIC executive committee as immediate past president and chair of the international insurance relations committee.

His career as a financial professional spans about 30 years and includes holding high-level positions in both the banking and insurance sectors, having begun his insurance career with the MONY Group in 1983, and served as the national director of emerging markets between 1996 and 1999, before going on to become vice-president of corporate diversity and leading MONY's diversity marketing and recruiting initiatives until his retirement from the company in 2002.

Mr. Richardson said: "Mr. Bell brings a depth of experience to the board from his background as both a seasoned financial services professional and a leader in US and international insurance regulation.

"The recognition he has received for his work in both these areas is clearly a testament to his effective leadership and strategic vision.

"He also has been a proponent of seeking to achieve efficiencies in insurance regulations that have global impact. most notably during his tenure as president of the NAIC.

"His pragmatic approach as a regulator, and his contribution to the work and deliberations of the board, will be invaulable to the Authority and Bermuda."