Bermuda domiciled Hamilton Insurance Group has announced that Pina Albo will join the company from reinsurance giant Munich Re, to become the firm’s new permanent Chief Executive Officer (CEO) after the departure of Brian Duperreault.
Albo will assume the CEO position from February 1st, 2018, and replaces Interim Group CEO, David Brown, who has been in place since the departure of Duperreault.
Hamilton Chairman, William Freda, commented; “It’s with great pleasure that we make this announcement today. Our search for a new CEO has been robust and thorough, and we were delighted with the very high calibre of candidates we considered.
“In the final analysis, all of us involved in the search were impressed by what Pina will bring to Hamilton: an accomplished career with extensive experience and contacts in the global insurance and reinsurance markets, a dynamic commitment to change in our industry, and a deep understanding of what we’re building at Hamilton.
“I know I speak for our Board and senior management in thanking David for taking on the role of Interim Group CEO during this transitional period. We look forward to David being able to focus solely on his responsibilities as a member of the Board of Directors once Pina takes up her new position and to working with her as we continue to pursue Hamilton’s mission of writing the future of risk.”
Albo joins from reinsurer Munich Re, where her most recent position is Member of the Board of Executive Management. She has held a number of positions with the reinsurer over a 25 year career, including Head of Casualty Unit, North America/UK and International D&O/EPL, Head of Casualty Operations, Munich Reinsurance Company of Canada and Temple Insurance Company, Executive Head of Department UK and Ireland, President, National Clients Division, Munich Re America, and President of the Reinsurance Division, Munich Reinsurance America.
Commenting on his replacement, Brown, said; “I want to thank the members of the executive team and all Hamilton employees for their hard work and dedication during a period of organizational change, and our brokers and clients for their continued strong support.
“I know that Pina is a great fit for Hamilton, and once I hand the CEO reins over to her, I’ll be keen to continue my work on the Board.”
Albo is also a member of numerous industry boards, which includes the Board of the Insurance Information Institute, the Board of the Reinsurance Association of America and the National Board of the Insurance Industry Charitable Foundation.
Throughout her career she has been recognised for her contribution to the insurance industry, and has received numerous awards.
On her new position, Albo commented; “It’s an honour to be joining Hamilton. I’ve been aware of what the Company has been doing over the last four years and its goal of leveraging data science and analytics to transform underwriting.
“In particular, I’m proud to be given the chance to lead an organization establishing forward-thinking operations in the Bermuda and Lloyd’s markets and through its investment in Attune, the technology platform established by Hamilton in partnership with AIG and Two Sigma.
“Hamilton has strong management, committed shareholders and a dedicated Board of Directors, intent on delivering transformative change for the benefit of all stakeholders. The components of a great company are already in place. I’m keen to join this impressive team.”
Germany-based reinsurer Munich Re also announced that Albo would be leaving the firm’s Board of Management in 2018 to take on the CEO role at Hamilton Insurance Group, thanking Albo for her “outstanding commitment and dedication over many years.”
Following her departure, Munich Re says that Peter Röder will take over Albo’s role and responsibility for Europe and Latin America, in addition to his responsibility for Global Clients and North America.
