A bust of insurance industry veteran Robert Clements has been unveiled in the grounds of a company he helped to found.

The likeness of Mr Clements, by Bermudian sculptor Desmond Fountain, has been placed on a walkway bearing his name connecting the former Ace building, now Chubb, and XL.

Mr Clements, credited with a key role in establishing Bermuda’s insurance and reinsurance industries and a former executive with Marsh & McLennan, was co-founder and director of Bermuda insurer Ironshore.

He founded Arch in 1995, as well as insurance brokers Integro in 2005.

Mr Clements, who was 77 when he died at his home on Stamford, Connecticut six years ago, was also a key figure in the establishment of Ace, XL Capital and Mid-Ocean Re.

Dinos Iordanou, chairman and chief executive officer of Arch, said: “He was an individual, first and foremost, who loved Bermuda as a country.

“He created a lot of employment for Bermudians with the companies he formed and the capital that came to the island.

“When he passed away, I thought it was my duty as one of the beneficiaries of his vision to do something to commemorate his contribution to the industry and to the island.”

Mr Clements began his career at Royal Insurance Co in 1957 and joined Marsh & McLennan’s Toronto office two years later.

He moved to the New York headquarters in 1975 and held a number of senior positions before becoming president and vice-chairman of the board of directors in 1992.

He also founded the company’s private equity business, MMC Capital and served as its CEO. He retired from Marsh & McLennan in 1996.

Mr Clements was a non-executive director of several companies and was chairman emeritus of the College of Insurance and former chairman of the board of overseers of St John’s University’s school of risk management in New York.

He was inducted into the insurance industry Hall of Fame in 2007.