Tributes have been paid to billionaire American International Group businessman and philanthropist Ernest Stempel who died on Monday aged 92.

Mr. Stempel, a native New Yorker, gave away millions to local charities and schools during decades at the insurance giant's Bermuda helm.

He remained on the Island after retiring in 1997 but also kept a home in Cape Town, South Africa, with second wife Brendalyn.

He died there on Monday after suffering a short illness.

His daughter Diana Bergquist said last night: "He was very keen on education, especially for Bermudians who couldn't afford it.

He did a lot for the Bermuda College and the schools. He felt everybody should have the ability to have a good education."

Mr. Stempel joined the organisation that would become American International Group (AIG) in 1938, working as a clerk for $65 a month while attending Fordham Law School at night.

After serving in the US Navy during the Seocnd World War, he was sent to Bermuda in 1953, later becoming chairman of the company which rapidly grew during his time in charge.

He also developed operations in the Philippines.

In addition, he was a leading force in the formation of the International Division of the Chamber of Commerce in Bermuda, serving as its first Chairman.

He was handed an alumni achievement award by Fordham Law School in 2007, noting his role in promoting life insurance in Asia and establishing Bermuda's prominent place in the insurance industry. He was also a regular feature on the Forbes List of the world's richest men, which placed him 428th in 2006, with a fortune of $1.8 billion. His wealth was estimated to be $1.3 billion as of last year, according to Fortune magazine.

Outside of work he was a keen golf and tennis player, and a member of the Mid-Ocean and Coral Beach clubs for years. He also enjoyed sailing, and was a member of the Royal Bermuda Yacht Club.

Recalling how her father sometimes engaged in all three sports in the course of one day, Mrs. Bergquist said: "He had an incredible amount of energy. We used to call him the Energiser Bunny."

Through his roles as director/trustee of The Starr Foundation and two foundations in the family name, Mr. Stempel gave away millions to global and local causes alike. These included the Bermuda Aquarium and Zoo (BAMZ), Biological Station for Research, National Library and the Saltus and Bermuda High schools.

Paying tribute last night, Dr. Ian Walker, Acting Principal Curator of BAMZ, said: "It is with great sadness that I learned today of the death of Mr. Ernest Stempel. He and his family have been great supporters of the Bermuda Aquarium, Museum and Zoo (BAMZ) and the Bermuda Zoological Society (BZS) for many years.

"Mr. Stempel began his philanthropic work with our organisation in 1993 by generously supporting our first Capital Campaign. Since then he has continued to provide much needed funds to support many education and conservation initiatives of the BZS.

"Our Ernest E. Stempel Student Internship Programme allows Bermudian students to intern with scientists at BAMZ during their summer vacations. He sponsored the first BZS Environmental Youth Conference in 1999. This biennial event continues under his patronage with the most recent conference being held in 2008. Additionally, he contributed to the Biodiversity Strategic Action Plan Awareness Campaign because he realised the importance of preserving and conserving Bermuda's natural environment.

"Mr. Stempel believed in supporting young people and producing a better Bermuda for future generations. He leaves a legacy to be proud of and he will be greatly missed. Our thoughts and prayers are with his family."

Linda Parker, head of The Bermuda High School for Girls, said: "Mr. Stempel will be remembered by the BHS family as an individual who was keenly interested in education and for ensuring that deserving students, who may not otherwise have had the means, were provided with the opportunity to attend The Bermuda High School for Girls. Through his Foundation, he provided tuition for many students over the years. His interest went beyond simple finances. He wanted to be kept abreast of the academic progress of the students who received scholarships. Oftentimes, he would go as far as asking for the report cards of students so he knew exactly how they were faring in their classes.

"Mr. Stempel was a caring and generous person; he will be missed. It is comforting to know that his legacy and the importance of a solid educational foundation will live on in the lives of the many students he helped."

In addition to daughter Mrs. Bergquist, Mr. Stempel leaves two sons, Calvin and Neil Stempel. He was pre-deceased by his son Robert Stempel and first wife Phyllis, who died in 1993. There will be a service of thanksgiving in South Africa on Friday, April 17, and arrangements are being made for a funeral in Bermuda and a memorial service in New York.