Alan Cossar will be the new Chairman of the Board of Directors of the Bermuda Monetary Authority, it was announced this morning.

Mr. Cossar succeeds Alan Richardson, who stepped down from the post on September 30 last year.

Finance Minister Paula Cox said: “I have always enjoyed a productive and constructive relationship with Mr. Cossar that began when I was formerly the Minister of Labour, Home Affairs and Public Safety.

“This continued when I was appointed as the Minister of Finance in 2004. Mr. Cossar has always been forthright and spoke from the perspective of what can we do together to enhance the Bermuda model.

“Accordingly, I am gratified that notwithstanding his other commitments he did decide to accept the appointment to be the Chair of the Bermuda Monetary Authority. This is a pivotal time for Bermuda and for regulatory authorities globally.”

Mr. Cossar is a Member of the Institute of Chartered Accountants of Scotland. He is a graduate from the University of Strathclyde, Scotland, with a BA Degree in Accountancy and Economics.

He is a recognised individual within Bermuda's insurance industry and is well respected for his wealth of knowledge. He has been involved in the industry for 33 years, 29 of which were spent with Aon Captive Services Group until his retirement in 2005.

* Full story in tomorrow’s business section of The Royal Gazette.