Bermudian financial services industry veteran Shelby Weldon has been appointed executive director of the Bermuda International Long Term Insurers and Reinsurers.

Mr Weldon, who has more than 30 years’ experience as an accountant, regulator and insurance professional, will lead Biltir in its mission to advocate for Bermuda’s life and annuity industry.

The organisation said Mr Weldon has the skills and experience necessary to champion for the long-term sector and successfully represent the issues that are important to Biltir members.

Mr Weldon said: “I am a Bermudian who has benefited greatly from the international business sector. I have supported and advocated on behalf of the insurance sector for the past 25 years.”

He added: “I am excited by this new role with Biltir as it provides another platform and opportunity to serve and protect one of the most important aspects of Bermuda's ongoing financial stability.

“I look forward to working with the members, the Government, the BMA and all other industry stakeholders to ensure that Bermuda's long-term and annuity sector continues to grow from strength to strength.”

Sylvia Oliveira, chairwoman of Biltir, said: “I am thrilled to welcome Shelby to lead Biltir. He is a well-known and well-respected leader in Bermuda’s insurance industry.

“He understands first hand the local and international pressures faced by Bermuda’s insurance and reinsurance companies. Shelby’s deep regulatory and industry experience and relationships will be incredibly valuable in advocating for our members.”

Biltir said Mr Weldon spent 15 years working at the Bermuda Monetary Authority, where he served as director of compliance and director of licensing and authorisations.

Mr Weldon has also served as inspector of companies at the Registrar of Companies and as a director of the Bermuda Business Development Agency, where he represented the insurance sector.

More recently, he was senior vice-president of Marsh Management Services (Bermuda), where he provided management services to insurance companies.

Mr Weldon, a certified public accountant, began his career as an auditor.

BILTIR represents 61 long-term insurance, reinsurance and servicing companies in Bermuda, who provide coverage for mortality, longevity, disability and retirement risks.

The sector has rapidly grown over the last five years.