David Ezekiel has stepped down as the chairman of the Association of Bermuda International Companies (ABIC), it was announced at the annual general meeting yesterday.

Mr Ezekiel, who has been in the role for 11 years and is currently chairman of Marsh Management in Bermuda, will be replaced by George Hutchings, chief operating officer of Oil Casualty Insurance Ltd.

Kim Wilson, Minister of Economy, Trade and Industry, paid tribute to Mr Ezekiel at the event, with comments from Premier and Finance Minister Paula Cox.

"David Ezekiel understands that success breeds success," she said.

"When Bermuda does well, business does well. He appreciates that and has consistently spoken to the sustainability of Bermuda as a preferred domicile.

"During the course of his tenure what I have found especially remarkable is that even when we may have had differing perspectives, he has been loyal in upholding the success of the Bermuda model globally. That reflects maturity and a sensitivity. That is what I look forward to seeing more of as we seek the new normal in our public-private sector dealings.

"As a business leader he has distinguished himself over the course of his insurance career in Bermuda. He was elected chairman of the International Companies Division of the Chamber of Commerce in 1989, and in 2001 led the ICD team that founded the Association of Bermuda International Companies, ABIC, to be the voice of International Business in Bermuda. Over the past 11 years as chairman of ABIC, David Ezekiel has been a spokesman for ABIC and has worked tirelessly.

"He has been forthright with his advice to private sector stakeholders and has participated in the International Business Forum and been vocal in his views on immigration and the symbiotic relationship with international business.

"Throughout his tenure as a business leader and chairman of ABIC, he has worked to promote Bermuda's continued position as a preferred domicile."

Mr Ezekiel founded International Advisory Services (IAS) and built the company into the largest independent captive insurance manager in Bermuda. Last year IAS was acquired by Marsh and he was appointed as chairman of Marsh Management in Bermuda.

In recognition of his distinguished career and leadership of IAS and ABIC, Mr Ezekiel was awarded the Bermuda Insurance Institute 2009 Lifetime Achievement Award by a committee of his peers.

• Ms Wilson met with ABIC the previous day where she highlighted the need to balance the requirements of the workplace with the availability of suitably trained Bermudians as a key mandate.

Senator Wilson, who is planning a number of discussions with private sector stakeholders in the next few weeks, said: "As a Ministry, we are prepared to take the necessary steps to strengthen and enhance our local economy, and today was an opportunity to share areas of common interest and concern," she said.

"I was pleased to hear first-hand the views of the Association and better understand the issues affecting this segment of industry. What I've made abundantly clear is that a partnership built on effective and consistent communication will be the hallmark of our working relationship, as a result, I have agreed to quarterly meetings with the industry to ensure that issues within my purview are resolved expeditiously."

ABIC's executive director Richard Winchell said: "ABIC's membership includes companies with a physical presence in Bermuda. These companies all employ Bermudians at various levels within their organisations.

"The nature of international business is dynamic and therefore there is a need for open and frank dialogue on a regular basis. We are pleased with the invitation to meet and the openness that has been expressed by Minister Wilson."