A Bermudian insurance veteran is stepping down as chair of the Association of Bermuda International Companies.

Patrick Tannock will remain until the Abic board of directors chooses a successor.

The news follows an earlier announcement that he intends to retire as chief executive officer of Axa XL’s insurance operations in Bermuda at the end of June.

Over four decades in insurance, Mr Tannock has held senior roles at firms such as Marsh & McLennan, Ace Bermuda (now Chubb Bermuda) and Corporate Officers & Directors Assurance Ltd, before being appointed to his position at Axa XL.

During his nine years in the Abic role, Mr Tannock has emphasised that Bermuda is where capital is put to work, not hidden.

He was an advocate for Bermuda as a leading international business jurisdiction and hailed as a visionary by Wayne Smith, the Abic executive director.

Mr Smith’s predecessor, Richard Winchell, Abic’s former longtime executive director, said: “From the moment he was elected chairman of Abic, Patrick embraced the role wholeheartedly. He has helped to raise the profile of IB in the community, has overseen growth of the Abic Education Awards and spearheaded Abic’s drive for DEI progress. He leaves Abic in excellent shape and he will be missed.”

Michelle Seymour Smith, chair of the Abic Education Awards, said Mr Tannock had been an exceptional role model for young people entering the industry.

“He is passionate about seeing fellow Bermudians reach their full potential in the industry and has offered valuable advice to many who have sought his guidance,” Ms Smith said.

He oversaw an expansion of the Abic Education Awards to include the Abic Alumni Scholarship helping mature applicants pursue new educational and career goals; the Bermudascholarships.com website.

He led the association’s partnership with the Association of Bermuda Insurers and Reinsurers, the Bermuda International Long-Term Insurers and Reinsurers and the Bermuda Business Development Agency in holding the first International Business Week in 2019.

Chris Furbert, the president of the Bermuda Industrial Union, and a representative of the Trade Union Congress, said Mr Tannock had consistently proven himself to be a man of integrity who approaches Bermuda unions with respect and compassion.

“He has been a voice of reason during challenging times and shown genuine concern for the wellbeing and advancement of working people,” Mr Furbert said.

An Abic spokesman said Mr Tannock had consistently called for all stakeholders to embrace change and adaptability and work together to ensure that the island remained a domicile of choice.

“He has frequently pointed out that for the island to remain attractive and competitive, there must be a balance between having an environment in which international business gets what it needs to thrive and those in international business being respectful of Bermuda’s culture as well as the aspirations and values of Bermuda’s people,” Abic said.