The Bermuda Monetary Authority announced the appointment of Andrew Gibbs to the position of Director, Supervision (Insurance) on Thursday.

Reporting to Craig Swan, Managing Director, Supervision, Gibbs’ supervisory role will commence on Jan. 6.

Gibbs is a Chartered Accountant and Chartered Insurer with 27 years of experience in the Bermuda market. For the past five years he has held positions at Validus Holdings Ltd as Executive Vice President, Head of Internal Audit following a period as the company’s Group Controller.

Prior to that, he spent 12 years with the ACE Group of Companies as Chief Financial Officer of ACE Global Re as well as Chief Financial & Operating Officer of ACE Bermuda.

From 1986 to 1996, Gibbs was also with Ernst & Young, Bermuda, where he became the lead insurance audit partner and led a technology consulting department.

Commenting on the appointment in a statement, Swan said, “The addition of quality hires like Andy assists the Authority in its mission to protect and enhance Bermuda’s reputation and position as a leading international financial center.” Noting Gibbs’ decades of business experience and technical expertise, Swan said that attracting experienced staff will help the Authority “to continue the effective implementation of a forward-looking risk-based supervisory framework that addresses the unique characteristics of Bermuda’s financial sector.”

Gibbs noted that he is joining the Authority at a pivotal time for global regulatory change in the insurance and reinsurance industry. “I am looking forward to working with my colleagues at the Authority as we continue to build out the regulations here in Bermuda, as well as in ensuring that our practical risk-based approach to regulation continues to earn full credit in relation to global equivalency efforts,” he said.

Source: Bermuda Monetary Authority