IFNY Annual Luncheon: More than 300 Join in Tribute to Donald Kramer

More than 300 insurance leaders joined in the Insurance Federation of New York’s (IFNY) 101st Annual Free Enterprise Award Luncheon to honor Donald Kramer, Chairman, CEO and Chairman of Investment Committee, ILS Capital Management, Ltd. (Bermuda), as he received the Federation’s 2015 Free Enterprise Award. IFNY President Nick Pearson presented the Federation’s top honor to Mr. Kramer at Cipriani, Wall Street. The Free Enterprise Award’s distinguished recipients are business leaders who have advanced their industry, espousing the principles of free enterprise for which IFNY has stood since 1913. Recent past recipients of this prestigious award include J. Hyatt Brown, Chairman and CEO of Brown & Brown Insurance, Robert Benmosche, former President and CEO of AIG, and Evan Greenberg, Chairman and CEO of ACE Limited.

In presenting the award, Mr. Pearson noted that “Mr. Kramer exemplifies the spirit of entrepreneurship that has advanced American business and the insurance sector in particular. The Insurance Federation of New York congratulates him upon his receipt of our highest award.” In accepting the award, Mr. Kramer recounted opening up his first checking account over 50 years ago with National City Bank which was headquartered in Cipriani’s Wall Street location at a teller window just a few feet away from the stage. The event’s featured speaker was Mr. Troy Oechsner, Deputy Superintendent for Health at New York State Insurance Department.

The Luncheon was also an opportunity for the 2015 IFNY Intern program participants to be recognized for their achievement and share their experience with the attendees. The IFNY Intern Program reaches out into the community and gives highly motivated teens, from challenging backgrounds, an in-depth opportunity to learn about the insurance industry in all its facets and to consider a career in insurance. The Program has been generously supported by IFNY members for the past four summers.

 

About Donald Kramer

This year’s awardee, Mr. Don Kramer, was elected by the IFNY to receive the award based upon his accomplishments and service. Mr. Kramer established ILS Capital Management, Ltd., in 2011. He is Chairman of the Management Committee, Chairman of the Investment Strategy Committee and Chairman of the Board of the 1609 Fund Ltd. Prior to founding ILS Capital Management, Ltd., Mr. Kramer held numerous senior executive positions in insurance, banking and investments, as Chief Executive Officer, president, chairman or general partner. In 2005, he founded Ariel Holdings Ltd. and its subsidiary, Ariel Reinsurance Company, a property catastrophe reinsurance company in Bermuda. He was Chairman and Chief Executive Officer of Ariel until 2010. In 1993, Mr. Kramer founded and served as Chief Executive Officer of Tempest Re, a property catastrophe reinsurance company organized in Bermuda. Upon the sale of Tempest Re to ACE Ltd. in 1996, he served as Vice Chairman of ACE and additionally as Non-Executive Chairman of Assured Guaranty Ltd. until 2005. In 1986, seven years prior to the creation of Tempest Re he acquired NAC Re, a shell company that he recapitalized and helped build into a major U.S. reinsurance company. The purchase of NAC Re was funded with private equity financing and subsequently taken public and ultimately acquired by XL Re. Mr. Kramer served as Chairman of NAC Re until 1993 when he retired and subsequently founded Tempest Re with private equity sponsors.

Mr. Kramer is Director of the National Benefit Life Insurance Company of New York. His not-for-profit activities include serving as Co-Chairman of Bermuda First, a think tank focused on issues facing the island of Bermuda. Mr. Kramer is a member of the Chatham House, a global think tank in the UK. He is also Chairman of The American Ballet Theatre, the official national ballet company of the U.S., of the National Dance Foundation of Bermuda, and is a trustee of Brooklyn College where he earned a B.A. and an honorary Doctorate. In 2011, Mr. Kramer received the Queen’s Certificate and Badge of Honor of the British Empire for both his work and philanthropy in Bermuda.

Mr. Kramer holds an MBA in Economics and Investments from New York University and is a long-standing CFA (Chartered Financial Analyst) Charterholder. Mr. Kramer is a frequent speaker on insurance industry topics and has received numerous awards.

 

The Insurance Federation of New York, Inc.

Since 1913, the Insurance Federation of New York has been a force for communicating ideas among all sectors of the insurance industry, bringing public and private interests together for the benefit of all. The Insurance Federation of New York’s prestigious Free Enterprise Award—presented to some of history’s legendary entrepreneurs—continues to salute risk takers and leaders whose creativity and initiative has enabled the expansion of business throughout New York, across the country and around the world. In the insurance industry, it is the commitment and vision of these leaders that has created and refined the risk transfer mechanism to spur economic growth and contribute to personal financial security for countless millions.

Today, the Insurance Federation of New York’s annual calendar of events brings together the “best and brightest” to ensure that industry intelligence is shared and that support for best practices in insurance business, law and regulation earns the understanding of leaders across the spectrum. This shared goal draws business executives, legislators and regulators to our Annual Luncheon, our “Breakfast with…” programs, professional seminars, and other events. We also note the establishment of the IFNY Intern Summer Program. Federation members have given most generously of their time and finances to support this program that reaches out into the community and gives highly motivated teens, from challenging backgrounds, an in-depth opportunity to learn about the insurance industry in all its facets and to consider a career in insurance.

The IFNY Board of Directors includes the following distinguished professionals: Immediate Past Chairman, Cecilia Norat, Cecilia Norat Consulting LLC; Chairman, Lance Albright, Senior Vice President, QBE; President, Nick Pearson, Insurance Consultant; Vice Presidents, Michael Fusco, SVP & Chief Actuary, Argo Group; Douglas Hayden, EVP Wright Insurance Group; Financial VP, Stephen Boon, Jr., President, Harold L. Lee & Sons, Inc.; VP and Managing Director, Steve Acunto, CEO, CINN Group, Inc. Directors also include: Kermitt Brooks, Managing Director & Associate General Counsel, AXA US; Roger Moak, Arbitrator; Jonathan Bing, partner, Wilson, Elser, LLP; James March, Vice President and Senior Assistant General Counsel, Zurich North America; Howard Mills, Chief Advisor, Insurance Industry Group, Deloitte LLP; Kevin Rampe, General Counsel, ACE North America; Francine L. Semaya, Esq., Legal and Insurance Regulatory Consultant; Senator Manfred Ohrenstein, Senior Partner, Ohrenstein & Brown, LLP; Elizabeth Heck, President, GNY Companies; Amy Feller, Chubb Group of Insurance Companies; Raul Rivera, Chairman, President and CEO, National Benefit Life Insurance Company; Maura Clancy, Clancy & Clancy Brokerage; David Walsh, CEO Amalgamated Life Insurance Company; James Corcoran, James P. Corcoran, Esq.; Salvatore Curiale; Donald Gabay, Stroock, Stroock & Lavan LLP; William Savino, Partner, Rivkin Radler LLP; Wendy Shapss, FTI Consulting, Inc.; and John Hill, II, President & COO, Magna Carta Companies.

*For full photo spread of the luncheon, please see printed edition.

*Please visit www.ifny.org for a slideshow and recap of the event.