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ABIR announces newly-elected officers

Constantine Iordanou

The Association of Bermuda Insurers and Reinsurers (ABIR) has announced its newly-elected officers who will take up their positions at the start of next year.The new officers will each serve for a two-year term.The incoming chair for ABIR will be Constantine (Dinos) Iordanou, president and CEO of Arch Capital Ltd.The first deputy chair will be Michael McGavick, CEO of the XL Group plc. The second deputy chair will be John Charman, president and CEO of AXIS Capital Holdings Ltd.Stepping down as ABIR chair will be Patrick Thiele, the retiring president and CEO of Partner Re Ltd.Brad Kading, ABIR president and executive director, said that Mr Thiele’s leadership had been greatly valued by the membership.During Mr Thiele’s tenure ABIR engaged in extensive regulatory reform work with the Bermuda Monetary Authority (BMA) on equivalence with Europe’s Solvency II insurance regulatory framework.Mr Thiele led ABIR’s efforts to engage with European policymakers to document the important contribution of ABIR’s members in the European market.In November the European Commission announced that Bermuda would be one of only two international jurisdictions to be assessed for equivalency under all three components of Solvency II - group supervision, group capital measurement and reinsurance regulation.