If there is any truth to the saying ‘three times a charm' Michael Morrison might actually manage to stay retired this time.

The man who led Allied World Assurance Company (AWAC) - one of the so-called Class of 2001 - through its pivotal start up period now plans to retire in October, although remaining a director of the company.

But really it is a case of retiring again.

Mr. Morrison, who had spent about 40 years with insurance giant AIG before leading AWAC, a company set up by AIG and other investors, first made plans to retire in 1994 but found his employer had other plans and sent him off to Shanghai, China for three years.

He did successfully quit the insurance world in 1997, and for four years he and his wife enjoyed the retired life only to be re-recruited.

In 2001, the insurance market was rapidly heating up with there being a void in capacity and stiff increases in pricing precipitated by the events of September 11, 2001.

In effect, duty called and Mr. Morrison found himself back in the sector's trenches.

He was named CEO of AWAC in November, 2001, a position he had held until January of this year when he was succeeded by Scott Carmilani.

However, Mr. Morrison, 74, stayed on as vice-chairman of AWAC but the announcement of his retirement yesterday means he will be leaving Bermuda in October, only to return for board meetings. He said he plans to stay on the board as “long as I feel I can make a contribution”.

AWAC chairman Kevin Kelley said: “Mike Morrison provided a key leadership role in getting AWAC off to a great start. The board appreciates his major contribution and wishes him the very best in retirement”.

It is not however the first time that Mr. Morrison has left the Island. That actually happened in 1935 following his father having been stationed here with the British Navy.He still fondly recalls the Mangrove Bay, Somerset home he lived in with the family then as a boy.

Of his time on the Island, Mr. Morrison said: “It's been a great ride. When I came to Bermuda in 2001 there were just three of us, with one other person in London. Since then we've grown to almost two hundred, including our contracted support service personnel, in our various offices. Besides our Bermuda company, we have two surplus lines companies in the United States with offices in Boston and New York, and subsidiary Irish insurance and reinsurance companies in Dublin, the former with a branch in London, with an application pending there for the latter.”

Looking back on his time working in the Bermuda insurance market, Mr. Morrison said: “We've been fortunate to be able to meet face-to-face with many risk managers and CFOs over the past couple of years as they've explored the Bermuda market. We've had great acceptance by them and their brokers here on the Island and elsewhere. Our strong financial rating, quality underwriting and exceptional service capabilities are greatly valued. I can't speak highly enough of our staff. As a new insurer, there's no doubt that Bermuda is the place from which to operate.”

Although Scottish, Mr. Morrison and his wife, who is English, have spent most of their adult lives in the US and now have American citizenship.

They will now return to their home in Maine where Mr. Morrison, who turns 75 in December, said they look forward to doing all the things they have planned to do but not had the time for, like travel and spend time with their three children and grandchildren.

He concluded: “AWAC is in the hands of a very strong management team and, while my wife and I have mixed emotions on leaving Bermuda, I shall look forward to watching AWAC's progress from the coast of Maine.”