Cyril Whitter, the president and chief executive officer of Independent Management has retired after 46 years in Bermuda’s captive insurance industry, and more than 30 years with IML. He is succeeded by Justin N Doherty.

Mr Whitter was the recipient of the Bermuda Captive Conference's 2022 Fred Reiss Lifetime Achievement Award for his commitment and contributions to the industry.

The insurance professional, who obtained an accountancy diploma from The Bermuda College in 1978, was appointed executive vice president of Independent Management in 2007 and was named president and CEO in 2009.

Mr Whitter's experience in insurance company management has resulted in the development of expertise including the administration and financial reporting for insurance companies domiciled in Bermuda, Barbados, the Cayman Islands and Hong Kong.

His experience covers a variety of classes of insurance, including property-casualty, medical malpractice, professional liability, directors and officers liability, group life and health, strike insurance and employment practices liability insurance.

An IML statement said the board extends its gratitude to Mr Whitter and expresses its confidence in Mr Doherty and looks forward to the exciting journey ahead.

The statement added: “Mr Doherty brings over a decade of experience in the insurance sector.

“His journey comprises of various roles at global insurers, which allows him to bring a unique blend of technical acumen and strategic vision.

“His diverse insurance background enriches our leadership fabric, ensuring a dynamic and forward-thinking organisation.

“Mr Whitter expressed confidence in his successor and will continue to serve as strategic adviser to the IML management team, will continue to serve on the board of IML and will join the board of its parent company, Mizzen Holdings Ltd.

Mr Doherty commented: “I am honoured to lead IML into its next chapter. Our commitment to excellence, resilience, and unwavering client support remains steadfast.

“Together, we will navigate evolving market dynamics, enhance operational efficiencies, and drive sustainable growth.”