Financial services industry leaders yesterday paid tribute to the work of outgoing Bermuda Monetary Authority CEO Matthew Elderfield and gave a warm welcome to his successor Jeremy Cox.

Michael Butt, chairman of both Axis Re and the Association of Bermuda Insurers and Reinsurers said: "Matthew Elderfield, in his time at the BMA, has provided tremendous leadership in steering the BMA on a course towards meeting additional international regulatory standards including those embodied in Europe's Solvency II.

"He is a strong regulator, with broad fundamental knowledge of the banking, securities and insurance businesses. Ireland has found itself a strong, dedicated financial supervisor.

"During a time of global financial crisis, his leadership has demonstrated to regulators around the world that Bermuda's global insurers are strongly regulated and well capitalised to meet financial shocks that unfortunately visit our business from time to time."

PartnerRe CEO Patrick Thiele, who will shortly replace Mr. Butt as ABIR chairman added: "Matthew's work was built on the strong foundation laid by Jeremy Cox and his team of career insurance regulators.

"Jeremy is responsible for the strong, risk-based regulatory regime that applies to global insurers and reinsurers here in Bermuda.

"Jeremy is well deserving of the CEO position and is fully committed and determined in leading the BMA to its next goal of meeting additional regulatory equivalency standards, including those of Solvency II. Bermuda's global insurers as represented by ABIR are proud of the BMA's accomplishments and offer our sincerest congratulations to Jeremy."

Bank of Bermuda HSBC CEO Philip Butterfield, chairman of the Bermuda Bankers' Association, said: "Bermuda Bankers' Association wishes to congratulate Jeremy Cox on his appointment as CEO of the Bermuda Monetary Authority. We look forward to our working relationship in the coming years and to ensuring that Bermuda's financial services industry is well-regulated and respected.

"The Bermuda Bankers' Association also congratulates Matthew Elderfield on his selection as Director of Financial Services Regulation for the Irish Central Bank and Financial Services Authority. Matthew has provided insightful leadership, international perspective and unwavering commitment to excellence during his tenure as CEO of the Bermuda Monetary Authority. His service has maintained Bermuda's stature as a respected financial services jurisdiction."