The man who founded Mutual Risk Management and Aneco Reinsurance Co, Francis Joseph Mulderig, has died at the age of 79.

Mr. Mulderig was a leading insurance executive, who retired in 1988 and lived between homes in Bermuda and Ireland. He died on Friday of a cerebral haemorrhage while visiting family in Jamestown, Rhode Island.

Mr. Mulderig was a retired attorney, who was born and raised in New York City. He graduated from Fordham University in 1948 and from the Fordham University School of Law in 1952.

He was the recipient of the Law School's Class of 1911 Award and established the Francis J. Mulderig National Scholars Programme for the law school.

Following graduation from law school, Mr. Mulderig served as clerk to Judge Clancy of the US District Court for the Southern District of New York. He then joined the firm of Corcoran and Kostelonitz.

In 1959, Mr. Mulderig moved to Bermuda to become the General Counsel of the American International Reinsurance Company, a predecessor of the American International Group of companies.

In 1966, he returned to New York and was named Vice President and General Counsel of American International Group (AIG) and also a director of C.V. Starr & Co.

Mr. Mulderig left AIG in 1975 to return to the practice of law in New York City, first with Kostelanetz, Ritholz & Mulderig, then with Mulderig & Werner and finally with Tucker, Gellman & Mulderig.

Mr. Mulderig returned to Bermuda in 1978 and founded both Aneco Reinsurance Company Limited and Mutual Risk Management Ltd. (NYSE:MM).

He retired in 1988 and lived with his wife Noranne in Hamilton Parish, Bermuda and County Galway, Ireland. In addition to his wife, he is survived by his sons Robert and John, his daughter Elizabeth, daughter-in-law Jane, his brother William, his sister Loretta and four grandchildren: Kaitlin, Meghan, Drew and James.

His son, Robert, is now chairman and chief executive officer of Mutual Risk Management.

A Funeral Mass will be held at St. Theresa's Cathedral at 3 p.m. on today in Hamilton, Bermuda. In lieu of flowers, the family has requested that donations be sent to the Francis J. Mulderig National Scholars Programme at Fordham University School of Law.