The Bermuda Insurance Institute (BII) yesterday announced that XL Capital Ltd.

President and CEO Brian O'Hara and American International Group (AIG) Senior Advisor Ernest E. Stempel are to receive its Market Leader of the Year and Lifetime Achievement Awards respectively.

"These awards highlight the global significance of the Bermuda insurance market and specifically recognise the achievements of the individuals over the last year for one award, and over a career for the other,'' said BII President Rees Fletcher.

"The Market Leader of the Year Award recognises significant accomplishments over the last 12 months,'' he continued. "In the last year Mr. O'Hara has guided the development of XL Capital through significant events.

"Nac Re was acquired, giving XL a broadened platform in the important US market, and other initiatives and ventures were implemented positioning XL as a leader in insurance, reinsurance and financial services.'' The Economist Intelligence Unit this autumn described XL Capital Ltd. as a firm which was trying to propel finance to a new level of sophistication and said the firm had the strategy to be in the vanguard of the financial services industry's transition to the next generation of products and services.

Mr. Fletcher continued: "The Lifetime Achievement Award recognises a career of accomplishment and dedication to the insurance industry as well as to Bermuda.

"Mr. Stempel has distinguished himself as a senior executive of AIG, having started with the company over a half century ago.

"His accomplishments include being a driving force behind one of the most successful insurance companies in the world, and one that has a significant Bermuda presence.

"As a senior manager within AIG globally he also managed the Bermuda operations for many years and oversaw it's development along with the growth of insurance in Bermuda during that period.

"In addition, Mr. Stempel has demonstrated early leadership in contributing back to Bermuda through his establishment of the Ernest Stempel Foundation and his work over the years with many charities on the Island.'' The two men will be formally recognised by the BII and the rest of the insurance industry at BII's Annual Dinner at the Fairmont Southampton Princess on March 25.

This is the second year for the awards. Market Leader of the Year for 1998 went to ACE Ltd. President and Chief Executive Officer Brian Duperreault and the late Fred Reiss received the BII lifetime achievement award.

The winners were picked by a committee made up of representatives of underwriters, brokers, management companies, the BII, the College of Insurance in New York, The Royal Gazette and Business Insurance.

Ernest Stempel Brian O'Hara