Pina Albo, CEO of Hamilton Insurance Group Ltd, is the new chair of the Association of Bermuda Insurers and Reinsurers, following the organisation’s biennial election of officers at a recent board meeting.

Ms Albo is the first woman to serve as Abir chair in its 30-year history. She succeeded Marc Grandisson, CEO of Arch Capital Group Ltd, in the two-year role, as of January 1.

Other newly elected Abir officers are deputy chair Chris Schaper, the group CEO of AIG Re, and second deputy chair Stephen Catlin, chair of Convex Group.

“I look forward to working with the Abir board and fellow member companies to advance the interests of the Bermuda re/insurance market,” Ms Albo said.

“Together, we will continue Abir’s proud legacy of leadership in the industry, advocating for insurance markets that are open, soundly regulated and competitive.

“As I step into the role, I’d like to recognise Marc’s invaluable service as Abir chair over the past two years. Under Marc’s leadership we have advanced many industry issues and he has ensured we are poised to take Abir’s company interests forward.”

Ms Albo, who joined Hamilton as CEO in January 2018, has more than 30 years’ experience in the re/insurance industry. Before joining Hamilton, the lawyer had a 25-year career with Munich Re, during which she held a series of increasingly senior positions, culminating in her role as a member of the executive board of the Munich Re Group.

Ms Albo sits on the board of directors of the Reinsurance Group of America, is an adviser to Overalls and serves as an ambassador for the Insurance Supper Club, an international organisation that aims to improve networking opportunities for women across the finance and insurance industries.

Mr Schaper has more than 30 years of re/insurance experience. He joined American International Group in 2019, as group CEO for AIG Re, the global reinsurance business of AIG, which brings together Validus Re, AlphaCat, Talbot Treaty and Validus Research under one entity. He is also a member of the AIG General Insurance Executive Committee and on the board of Fortitude Re, the legacy company initially founded by AIG in 2017.

Mr Schaper joined AIG from Marsh & McLennan Companies, where he was CEO of Victor Insurance Holdings, Marsh’s global managing general agent business.

Before that, he served as president of Montpelier Re Ltd and underwriting chairman of Blue Capital, Montpelier’s capital markets entity.

Previously, he held several leadership roles at Endurance Specialty Insurance Ltd., including chief underwriting officer and head of reinsurance.

Mr Catlin is the chair and co-founder of Convex Group. He started his storied insurance career in 1973 with BL Evens & Others on Syndicate 264 at Lloyd’s. In 1984, he founded Catlin Underwriting Agencies, which went on to become part of Catlin Group.

He led the company that bore his name until 1984, when the business was acquired by XL Group. Mr Catlin served as executive deputy chairman of XL Catlin from 2015 to 2017.

He was inducted into the International Insurance Society Hall of Fame in 2015 and served as Abir chair from 2015 to 2017 and was also the first chair of the Insurance Development Forum from 2016 to 2018.

Abir celebrates its 30th anniversary this year. It was launched as the collective voice of Bermuda’s leading insurers and reinsurers and its members have led in the building of Bermuda’s reputation as the World’s Risk Capital, by bringing together the capital, talent and innovation to provide protection and peace of mind to consumers around the world.

The Bermuda market’s decades-long track record of value and reliability was demonstrated once again after Hurricane Ian caused wind, storm and flood damage in southern US states last year.

According to a survey by the Bermuda Monetary Authority, 69 Bermuda re/insurers, including Abir members, estimate they will pay $13 billion to US cedants and policyholders, up to a quarter of total estimated insured losses caused by the Category 4 storm.

Abir members also drive the Bermuda economy. Over the decade ended 2020, the group’s aggregate economic impact in Bermuda was $8.5 billion, according to a tally of annual member survey results. The total comprised spending on compensation, travel, business services, construction/real estate and charitable donations.

John M. Huff, CEO of Abir, said: “The impressive leadership credentials of Abir’s newly elected officers reflects the depth of world-class talent in the Bermuda re/insurance market. As Abir embarks on its 30th anniversary year, Pina’s election as the first woman to serve as Abir chair is a significant milestone.

“Abir and our member companies are committed to building diverse, equitable and inclusive teams to continue the Bermuda re/insurance market’s global leadership in addressing large and complex exposures in areas including natural catastrophe, climate, cyber, mortgage and specialty risks.”

Abir member companies include Aeolus, AIG Re, Arch, Ariel Re, Argo Group, Ascot, Aspen, Assured Guaranty, Awbury, AXIS, Canopius, Chubb, Conduit Re, Convex, Everest Re, Fidelis, Fortitude Re, Hamilton, Hannover Re, Hiscox, Lancashire, Mosaic, MS Amlin, PartnerRe, Qatar Re, RenaissanceRe, SiriusPoint, Somers Re and Validus Holdings.

Broker advisory cabinet members include: Aon, Guy Carpenter/Marsh, Lockton Re and Willis Towers Watson.