Rowland, Byrne to Enter Insurance Hall of Fame

 

Saturday, Mar 07,2009, 3:00:39 PM   Click:

Rowland, Byrne to Enter Insurance Hall of Fame Robert O'Connor
David Rowland, who served as chairman of Lloyd’s during the troubled mid-1990s, has been elected to the Insurance Hall of Fame.

Rowland will be joined by Jack Byrne, former chief executive of U.S. auto insurer Geico.

Rowland and Byrne will be inducted into the body on June 8 at the 45th annual seminar of the International Insurance Society in Amman, Jordan.

Rowland was Lloyd’s chairman from 1993 to 1997, when it was grappling with the after-effects of heavy asbestos claims from the United States,

Brian Duperreault, chairman of the New York-based IIS and president and chief executive officer of Marsh & McLennan Cos., said Rowland and Byrne “truly exemplify how leadership, determination and an innovative approach can bring a company from the brink of failure to the height of success.”

Both men, Duperreault added in a statement, “serve as an inspiration to all of us during these difficult times.”

Rowland, Duperreault said, led Lloyd’s “through a threatening financial crisis, initiating reforms set in motion in 1993 to save it, thus averting the collapse of the venerable British institution.”

This meant dealing with a crisis resulting from “overwhelming financial losses in the 1990’s due to losses and litigation, particularly as regards latent disease and environmental claims,” Duperreault said.

Byrne, Duperreault said, “has distinguished himself as one of the insurance industry’s pre-eminent general managers, most creative turnaround experts and most productive capital managers.”

After heading up GEICO, Byrne went on lead the initial public offering of the Fireman’s Fund, which was at that time the largest insurance IPO ever, Duperreault said. Byrne next built up the White Mountains Insurance Group, Duperreault added.

adminThe Insurance Hall of Fame, which is administered by the IIS, was founded in 1957. It has 122 members from 22 countries.

(By Robert O'Connor, London editor: Robert.OConnor@ambest.com)

Copyright © 2009 A.M. Best Company, Inc. David Rowland, who served as chairman of Lloyd’s during the troubled mid-1990s, has been elected to the Insurance Hall of Fame. Rowland will be joined by Jack Byrne, former chief executive of U.S.