News Release: HAMILTON, Bermuda — Patrick Tannock is to retire as Chairman of the Association of Bermuda International Companies (ABIC) after close to 10 years in the role. He will stay on until the ABIC Board of Directors has chosen a successor, to ensure a smooth transition.

Mr Tannock recently announced his intention to retire as Chief Executive Officer of AXA XL’s Insurance Operations in Bermuda, following a successful career covering four decades in Bermuda’s international (re)insurance industry, which included senior brokerage positions with Marsh & McLennan and as Executive Vice President of ACE Bermuda (now Chubb) as well as Chief Underwriting Officer and Director of the company’s specialist directors & officers subsidiary Corporate Officers & Directors Assurance Ltd. (CODA), before being appointed to his leadership position at AXA XL.

Having joined the ABIC Board in 2005, Mr Tannock has served on its Executive Committee since 2008 and was elected Chairman in January 2015.

During his tenure as Chairman, ABIC has built on its work as the voice of International Business (IB) at a time of significant change in the international regulatory and taxation landscape. Mr Tannock has strongly advocated for raising awareness of Bermuda’s value proposition as a leading international business jurisdiction. He has constantly emphasized that Bermuda is not a place where capital goes to hide but a place where capital is put to work, noting that Bermuda’s ability to match capital with innovation to address market needs is unique, especially in terms of the speed at which this is done. He has also consistently called for all stakeholders – business, government, regulators, trade unions, and the community to continue to embrace change and adaptability and work together to ensure that the island remains a domicile of choice. He has frequently pointed out that for the island to remain attractive and competitive, there must be a balance between having an environment in which IB gets what it needs to thrive and those in IB being respectful of Bermuda’s culture as well as the aspirations and values of Bermuda’s people.

In addition to this, he has worked to increase Bermudians’ awareness and access to opportunity in the IB sector, overseeing an expansion of the ABIC Education Awards (“ABICEA”) – to include the ABIC Alumni Scholarship which through the donations of ABICEA Alumni helps mature applicants interested in upgrading their skillsets to pursue new educational and career goals; the Bermudascholarships.com website (for which ABIC has fiduciary responsibility), and leading ABIC’s partnership with the Association of Bermuda Insurers and Reinsurers (ABIR), Bermuda International Long-Term Insurers and Reinsurers (BILTIR) and Bermuda Business Development Agency (BDA) to hold the first International Business Week in 2019.

Under Mr Tannock’s leadership, ABIC has become a leading advocate for diversity, equity, and inclusion (DEI), through initiatives led by the ABIC DEI Committee, founded in 2017. In 2018, ABIC launched a CEO Diversity & Inclusion Pledge to advance dialog, collaboration, and action on DEI within the workplace. Since then, ABIC has continued to encourage and assist executives and HR teams to build inclusive cultures and incubated non-profit organisations with a DEI focus, including WeSpeak, which focuses on supporting women’s professional development, and the Association for Corporate Racial Equality (ACRE), which works to advance racial equity in IB. Mr Tannock has stressed that executive leadership of organizations must lead DEI initiatives. He has also encouraged the hiring of diverse thinkers who can deal creatively with ambiguity and rapid change; supported initiatives to attract high quality intellectual capital while retaining and developing local and international talent; and emphasized the importance of embracing both a mindset and an ecosystem of continuous transformation and growth.

Wayne Smith, Executive Director of ABIC, said: “Patrick is a visionary leader, a trailblazer who has demonstrated what is possible through hard work, determination, a commitment to life learning, and an empathetic leadership style. He has been intentional in increasing the number of Bermudians working in International Business. ABIC’s current mission statement has elements of his vision, which is a Bermuda that is internationally competitive, where both Bermudians and internationals thrive. Patrick was a driving force behind the International Business is Everybody’s Business Campaign, which demonstrates the value of IB and attracts Bermudians to pursue careers in IB. I have learned so much from him. I thank him for his leadership, and ABIC is committed to achieving his vision.”

Michelle Seymour Smith, Chair of the ABIC Education Awards, said: “Patrick has been an exceptional role model for Bermudians ambitious for a career in International Business. After embracing the opportunity of a scholarship from ABIC’s precursor, the International Companies Division of the Bermuda Chamber of Commerce, he excelled academically and then professionally in Bermuda’s insurance industry. He is passionate about seeing fellow Bermudians reach their full potential in the industry and has offered valuable advice to many who have sought his guidance. His legacy, in the insurance industry and with ABIC, will be the difference he has made in the lives of many others.”

Richard Winchell, who was ABIC’s Executive Director from 2006 to 2022, said: “From the moment he was elected Chairman of ABIC, Patrick embraced the role whole-heartedly. He has helped to raise the profile of IB in the community, has overseen growth of the ABIC Education Awards and spearheaded ABIC’s drive for DEI progress. He leaves ABIC in excellent shape and he will be missed.”

Chris Furbert, President of the Bermuda Industrial Union, and a representative of the Trade Union Congress, stated, “Mr Tannock has consistently proven himself to be a man of integrity who approaches Bermuda Unions with respect and compassion. He has been a voice of reason during challenging times and shown genuine concern for the well-being and advancement of working people.

“Despite the demanding nature of his career in Bermuda’s International Business sector, Mr. Tannock was ever present at crucial points in Bermuda’s Labour Movement – underscoring his deep commitment to the cause. His legacy as a champion of the people and steadfast ally of the Labour movement will transcend his retirement.

“As he sets out on the next phase of his journey, we extend our best wishes for his continued success and fulfillment in the years to come.”