Bermuda-based Valor Group has announced four new appointments in the wake of its takeover of Bermuda International Insurance Services.

Valor, which merged Bermuda International with VL Assurance, said the new team would be responsible for the business of VL Assurance in Bermuda as well as the company of the same name in Barbados.

Louis Zuckerbraun will become CEO, while Michael Lima, formerly of Bermuda International, is to be general manager and executive vice president.

Karl Lupson remains with the new organisation and will be chief operating officer, while Mark Waddington has been made chief financial officer.

Mr Zuckerbraun, based in Zurich, Switzerland and Bermuda, was previously co-CEO of Swiss life and annuity firm Zenith Vie.

Earlier, he was one of the founding partners and managing director of the Crown Global Group of insurance companies in Bermuda, Grand Cayman and Delaware in the US.

Mr Lima was instrumental in developing Sun Life Assurance Company of Canada’s international offshore programme as general manager. In 2005, he joined the BF&M Group in Bermuda and launched Bermuda International as general manager.

Mr Lupson worked for Bermuda International from 2006 before joining Valor Management and has more than 25 years of sales and marketing experience in more than 20 countries.

Mr Waddington has spent more than 20 years in the Bermuda insurance and reinsurance sectors and spent the last 12 years with American International Co, part of the AIG group, leaving as associate director of risk management.

Mr Zuckerbraun said: “We are excited about the acquisition of Bermuda International.

“With Valor Group’s $6 billion of assets under management, a financially secure parent company and experienced management team, we are well positioned to service our clients.

“Furthermore, we have developed an operational centre in Bermuda to provide administrative and underwriting support and will be adding significant resources in the areas of underwriting, marketing, products and industry experience that will position us well for future growth.”