Mark Cloutier (pictured above), chief executive and executive chairman of Aspen Insurance Group, has been elected chairman of the Association of Bermuda Insurers and Reinsurers (ABIR) for the 2025-2026 term.
Cloutier succeeds Pina Albo, chief executive of Hamilton Insurance Group, in the role.
Cloutier will be joined by two newly appointed deputy chairmen, Nicolas Papadopoulo, chief executive of Arch Capital Group Ltd, and Paul Simons, Bermuda chief executive at Convex Insurance.
Papadopoulo recently assumed leadership at Arch, succeeding Marc Grandisson, who served as ABIR chairman from 2021 to 2022.
In a report from Royal Gazette, a spokesperson for ABIR highlighted Cloutier’s extensive experience in the insurance and reinsurance sectors. Since joining Aspen in 2019, Cloutier has led efforts to restructure operations and improve profitability.
Prior to his role at Aspen, Cloutier served as executive chairman and group CEO at Brit Ltd, where he guided the company through its acquisition by Fairfax Financial.
The spokesperson stated that Cloutier’s appointment continues ABIR’s tradition of selecting leaders with broad industry expertise and international perspectives.
As ABIR enters 2025 under Cloutier’s leadership, he will work alongside John Huff, the association’s CEO, who will mark his eighth year in the role. Cloutier will also have support from ABIR’s officers committee, which includes past chairs such as Hamilton’s Albo, RenaissanceRe’s Kevin O’Donnell, and Convex’s Stephen Catlin.
Earlier this year, member companies of ABIR also reported an 18% increase in premiums written for 2023.
Data from 25 of the 31 ABIR member re/insurers show that gross written premiums reached over US$171 billion, up from US$145 billion in 2022. The group's total equity also increased to US$164 billion, compared to US$117.6 billion the previous year.
The report highlights net income for ABIR members rising to US$32.3 billion in 2023, a significant jump from US$5.1 billion in 2022, largely driven by an improved claims environment. Of the total gross written premium, 92% was attributed to publicly traded member companies.
What are your thoughts on this story? Please feel free to share your comments below.
