Mark Cloutier, the Executive Chair and Group Chief Executive Officer (CEO) at insurer and reinsurer Aspen, takes over as First Deputy Chair of the Association of Bermuda Insurers and Reinsurers (ABIR) from Christopher Schaper.
Cloutier has over 35 years of re/insurance industry experience in numerous jurisdictions and has served as Bermuda-based Aspen’s leader since 2019.
Previously, he held senior leadership roles for seven years at Brit, first as CEO and then as Executive Chairman.
He has also served as CEO of the Alea Group, CEO of Overseas Partners Re, and President of E.W. Blanch Insurance Services. He was a member of the Franchise Board and Audit Committee of the Society of Lloyd’s between February 2015 and June 2020 and was appointed to the Nomination and Governance Committee in February 2017.
“I feel honoured to be serving as Deputy Chair of the Association of Bermuda Insurers and Reinsurers. I am inspired by the work that ABIR does to ensure Bermuda is represented and recognized as the international insurance and reinsurance hub that it is, and I look forward to engaging in the meaningful and collaborative conversations that ABIR is leading on so many important topics for our sector,” said Cloutier.
He assumes the role from Schaper, who is now AIG’s Global Chief Underwriting Officer, having stepped down as Validus Re CEO following RenaissanceRe’s acquisition of the reinsurer in late 2023.
“First, I want to thank Chris for his service to ABIR. He has been a strong voice representing the interests of the Bermuda market and a consistent advocate for robust, open and well-regulated global insurance markets,” said Pina Albo, Chair of ABIR and CEO of Hamilton Insurance Group.
“We are delighted that Mark has agreed to bring his extensive industry experience and leadership pedigree to the role of ABIR Deputy Chair. It is a measure of the deep bench of talent in the Bermuda re/insurance market that we are able to replace one world-class executive with another,” she added.
The ABIR has also confirmed that Convex’s Executive Chair, Stephen Catlin, will continue to serve as the association’s Second Deputy Chair on a slate of officers that also includes past chairs, Marc Grandisson, CEO of Arch Capital Group, and Kevin O’Donnell, CEO of RenaissanceRe.
Additionally, the ABIR has revealed that continuing to serve as leaders of its Policy Committee are Co-Chair Jevon Williams, General Counsel of Chubb Bermuda; Co-Chair Jim Paugh, General Counsel of Arch Re; and Deputy Chair Shannon Lowry Bender, Group General Counsel of RenaissanceRe.
Alongside announcing the appointment of Cloutier, the ABIR has highlighted its continued work to advocate for Bermuda’s leading international insurers and reinsurers in matters related to the changing taxation landscape, amid passage of Bermuda’s landmark Corporate Income Tax (CIT) Act in December. The evolving tax environment, says the ABIR, highlights the importance of its Tax Directors – Joy Tegtmeyer, SVP, Head of Group Tax at RenaissanceRe, and Jeff Thompson, Global Head of Tax at Arch Capital Group, who serve as co-chairs of the group.
“The Bermuda Government has worked collaboratively with industry and tax experts through consultation to develop this technical framework and closing it out in 2023 with the legislation was an important and essential first phase,” said John Huff, CEO of ABIR. “Likewise, the next two phases of the CIT in 2024 will be critical to success, including reducing the cost of doing business by reviewing existing taxes, and building ‘Qualified Refundable Tax Credits’, along with establishing a Tax Administration framework to codify the Government’s commitment to fiscal responsibility.”
Lastly, the ABIR has established the ABIR Chief Investment Officer (CIO) Forum, a new group with Benjamin Meuli, Chief Investment Officer of Convex, as its Chair. According to the ABIR, the forum’s objective is to strengthen cohesion across the Bermuda re/insurance industry with respect to investment management by bringing together CIOs to share ideas and challenges around financial markets, macroeconomics and regulation.
