Bermuda insurance giants ACE Limited and XL Capital Ltd. have announced a joint pledge of $3 million to establish the Robert Clements Chair in Risk Management and Insurance at the School of Risk Management, Insurance and Actuarial Science of St. John's University (formerly The College of Insurance).

The Chair was established in honour of the founder of Ace and XL and to mark his retirement as chairman of the Board of Overseers of the School of Risk Management.

Executive director of The School of Risk Management Dr. Ellen Thrower said: "We believe this is the largest single gift ever made to establish an endowed Chair in risk management insurance. We are deeply grateful to ACE and XL for choosing to recognise Bob's extraordinary leadership in a way that is so meaningful and lasting to our school, our students and faculty, and the insurance and financial services community."

Chairman and CEO of ACE Brian Duperreault said of the pledge: "Bob's commitment to education is unrivalled in our business. He has shown that commitment by his visionary leadership at the School of Risk Management, through his own pioneering work in risk financing and convergence, and by the support and assistance he has provided to so many talented and deserving students. All of us in Bermuda are delighted that Bob's leadership of the Board of Overseers, and his powerful and lasting impact on Bermuda, is being recognised and honoured in this way. I can think of no one more deserving of this special honour."

President and CEO of XL Brian O'Hara said: "Bob Clements is well known for his visionary leadership in insurance and risk management. His unselfish contributions to higher education are less well known. By endowing the Robert Clements Chair at the School of Risk Management, we seek to recognise these achievements in a way that will long be remembered and in a way that will inspire future students to approach the dynamic, and sometimes daunting challenges facing our industry with the courage and zeal Bob demonstrated in the development of the Bermuda market and as chairman of the school through its dramatic evolution."

Mr. Clements was elected chairman of the College of Insurance Board of Trustees in June 1994. Following the merger of The College of Insurance with St. John's University in May 2001, the college was renamed and the Board of Trustees became the Board of Overseers of the new school.

Mr. Clements was elected chairman of the Board of Overseers in May 2001 and continued to serve as chairman until yesterday's Board of Overseers meeting. He was succeeded by Brandon W. Sweitzer, chairman of strategic client development with Marsh & McLennan Companies, Inc.