Ex-US regulator and KPMG veteran join Hamilton board

Specialty re/insurer Hamilton has appointed a former top US insurance regulator and the former chair of KPMG in Bermuda to its board of directors.

Former Iowa Insurance Commissioner Therese Vaughan, who was also chief executive of the National Association of Insurance Commissioners, was made a director along with Neil Patterson, the former chair of the KPMG group of entities in Bermuda.   

At the same time, Pauline Richards, the chair of the audit committee, is stepping down after a decade of service. Patterson will also serve as Chair of the Audit Committee.

Vaughan is a seasoned educator, corporate director, and internationally recognised expert in insurance regulation. She served over 10 years as Iowa Insurance Commissioner — the state’s longest-serving and first female insurance commissioner - and was also a member of the Executive Committee of the International Association of Insurance Supervisors and of the steering committing for the US/EU Insurance Dialogue Project. 

She also chaired the Joint Forum, a Basel, Switzerland-based group of banking, insurance, and securities supervisors.

Hamilton chair David Brown said: “It is my privilege to extend a warm welcome to our newest Board members. Their expertise and diverse perspectives will be instrumental as we continue to drive value for our clients and shareholders as a newly public company.

“As we celebrate our company’s ten-year anniversary, I extend my heartfelt gratitude to Pauline for her many contributions over the past decade as one of Hamilton’s longest-serving directors. I am thrilled to welcome Terri and Neil to our company’s esteemed Board of Directors,” said Hamilton chief executive officer Pina Albo. “Their wealth of experience and keen intellect will further enrich our Board’s already robust discussions and be invaluable as we continue to expand our business and relationships.”

Vaughan recently served as a director of AIG, and is on the Board of Verisk Analytics, Wellmark Blue Cross and Blue Shield, WestBank, and the Food Bank of Iowa.

Patterson spent the majority of his career with KPMG, having joined the firm in 1989. He was a client-facing lead audit partner for over 20 years through his retirement in 2020. He also served as the Risk Management Partner in Bermuda for over twenty years and the Risk Management Partner for the sub regional firm for 15 years. Patterson was office managing partner in Bermuda for nine years before taking on the role of Chair.

During his time with KPMG, Patterson served as the managing partner of the regional firm The KPMG Islands Group, where he was also a member of the Board of Directors for the European, Middle East and Africa firm. He was also a member of the Global Insurance Advisory Group, a sub-committee of the global board that advises on insurance matters affecting member firms around the world.

He also co-founded both Ignite Bermuda, the island’s first privately funded business incubator and accelerator, and Bermuda Investor Community Limited, designed to enhance the flow of capital from angel investors into the Island’s entrepreneurial community.

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