Former insurance industry executive and innovator, Robert “Bob” J. Newhouse Jr., died on August 26, 2017, following a brief illness.
He spent 36 years at Marsh & McLennan Cos. (MMC), where he served as a senior executive for Guy Carpenter & Co. and in 1990 retired as vice chairman of the parent company, MMC, according to his obituary published on Aug. 29 in the New York Times.
The obituary described Newhouse as “one of the architects of the Bermuda insurance industry,” as he was instrumental in creating and managing such companies as ACE, XL Capital, AXIS Capital, and Mid Ocean Ltd.
According to his Bloomberg executive profile, he also was involved in the formation of Harbor Point Ltd., and Paris Re Holdings Ltd.
Following his retirement from MMC, he continued to serve on many of the boards of the companies he founded. He continued to be an active consultant to Stone Point Capital, an MMC spin-off company specializing in private equity investments.
“It was with great sadness that we learned of the recent passing of Robert J. Newhouse, Jr…,” said Dan Glaser, president & CEO, MMC, in a statement. “During his 36 year career at Marsh & McLennan, Bob was a transformative leader in our company’s history, an iconic executive in our industry and a true gentleman. On behalf of all of our colleagues at Marsh & McLennan, I extend our heartfelt condolences to Bob’s family, and celebrate his life and many contributions.”
Newhouse is survived by his three sons and their wives: Robert J. Newhouse III and Laurie; Stephan F. Newhouse and Judy, and Paul B. Newhouse and Diane. He also had six grandchildren and seven, soon to be eight, great-grandchildren, according to the NYT obituary. Newhouse married his childhood sweetheart Patricia “Patty” Gilbertson in 1945. She passed away in 2014.
*This story appeared previously in our sister publication, Insurance Journal.