Bermuda insurance industry veteran Alan Cossar has been appointed chairman of the Board of Directors of the Bermuda Monetary Authority (BMA).

Mr. Cossar, who has 33 years experience in the sector, 29 of which were spent with Aon Captive Services Group, succeeds Alan Richardson, who stepped down from the post on September 30, 2009, Finance Minister Paula Cox announced yesterday.

During his time there he served as group managing director for the Americas region, where he was responsible for all captive insurance management operations in the Americas region, consisting of Bermuda, Barbados, Cayman, Curacao, Hawaii, onshore US, Panama, the US Virgin Islands, and Vancouver.

Mr. Crossar was also president of the Bermuda Insurance Management Association between 1996 and 1997 and deputy chairman of the Insurance Advisory Committee in 2006.

In addition, he is a Member of the Institute of Chartered Accountants of Scotland and a graduate from the University of Strathclyde, Scotland with a BA Degree in Accountancy and Economics.

"I have always enjoyed a productive and constructive relationship with Mr. Cossar that began when I was formerly the Minister of Labour, Home Affairs and Public Safety," said Minister Cox.

"This continued when I was appointed as the Minister of Finance in 2004. Mr. Cossar has always been forthright and spoke from the perspective of what can we do together to enhance the Bermuda model. Accordingly, I am gratified that notwithstanding his other commitments he did decide to accept the appointment to be the chair of the Bermuda Monetary Authority. This is a pivotal time for Bermuda and for regulatory authorities globally.

"The BMA has an array of important responsibilities under its mandate. It is charged with regulating and inspecting financial institutions operating in or from within our jurisdiction; managing exchange control transactions; regulating the stock exchange; assisting other authorities in Bermuda with the detection and prevention of financial crime; and advising the Government and public bodies on banking and other financial and monetary matters.

"I also wish to acknowledge the contribution and assistance of deputy chair Mr. Darren Johnston who filled the role of acting chair during the last three months of 2009. In addition to his ongoing professional responsibilities at PriceWaterhouseCoopers, Mr. Darren Johnston has assumed the Chair of the Board of Education. I should like to thank him and to acknowledge his very real contribution and assistance in continuing as the deputy chair of the Authority's Board.

"The Authority takes the lead role in developing risk-based financial regulations which it applies to the supervision of Bermuda's banks, trust companies, investment businesses and insurance companies. Needless to say, the BMA as the independent regulator has the critical role of oversight in Bermuda's financial sector.

"The financial climate has changed considerably in the past two years, and these are not easy times for the financial services industry and financial market. Yet during such times the BMA team has risen to the occasion of providing the Bermuda Government with invaluable advice and prudent oversight to ensure Bermuda's stability.

"Mr. Cossar's role will be a significant one, and I look forward to working with him and having his assistance in ensuring that the BMA achieves its medium and longer term strategic goals over the next several years."