Former Ace Global chief financial officer (CFO) Andrew Gibbs is joining the Bermuda Monetary Authority (BMA) as director, supervision (insurance).

For the past five years, Mr Gibbs was at Validus Holdings Ltd as executive vice-president, head of internal audit following a period as the company’s group controller.

The former Ace CFO, who was also Ace Bermuda’s chief financial and operating officer, will report to Craig Swan, who is the BMA’s managing director, supervision.

A press release announcing the appointment stated: “Mr Gibbs will be responsible for the supervision of one of the world’s largest insurance markets, effective Monday, 6th January 2014.”

Mr Swan, quoted in a BMA press release, said: “We are pleased that Andy has joined the Authority as our new director, supervision (insurance) and will be responsible for the supervision of Bermuda’s insurers and insurance groups. The addition of quality hires like Andy assists the Authority in its mission to protect and enhance Bermuda’s reputation and position as a leading international financial centre.

“We are delighted to attract staff with decades of business experience and technical expertise, such as Andy, in order to continue the effective implementation of a forward-looking risk-based supervisory framework that addresses the unique characteristics of Bermuda’s financial sector.”

Mr Gibbs said: “I am pleased to be joining the Authority at such a pivotal time for global regulatory change in the insurance and reinsurance industry. I am looking forward to working with my colleagues at the Authority as we continue to build out the regulations here in Bermuda, as well as in ensuring that our practical risk-based approach to regulation continues to earn full credit in relation to global equivalency efforts.”

Mr Gibbs was also with Ernst & Young, Bermuda from 1986 to 1996, where he became the lead insurance audit partner and led a technology consulting department.