Our History
Company Overview
Independent Management Ltd., (“IML”) is an independent management services facility specializing in the management of Captive and Commercial insurance companies. IML is also able to provide rent-a-captive facilities through a partnership arrangement with a Segregated Accounts Company (SAC).
IML was incorporated in 1984 by Peter Strong. In July 2009, the United Insurance Group (“United”) purchased 100% of the issued and outstanding shares of IML, becoming the sole shareholder. United, a Class 3A commercial insurance company, had been a client of IML since 1987. The group structure was changed in 2015 with Mizzen Holdings Ltd. (MHL) www.mizzenholdings.com, acquiring IML, United, and two other sister companies.
The Board of Directors of IML includes several members from the MHL Board, all of whom have substantial experience in the Bermuda insurance industry. Additionally, Cyril H. Whitter, IML’s former President & CEO with over 40 years of insurance experience, sits on the board and serves as a Director of both IML and MHL. The day-to-day administration of IML has been delegated by the Board to the President of IML, Justin N. Doherty, who is assisted by Chief Operating Officer, Natalie King.
The offices of IML are in Hamilton, Bermuda. Additionally, IML has a strategic partnership with a US based independent insurance manager who are headquartered in Vermont, allowing us to manage business throughout the US. IML’s clients have a global footprint with operations in Australia, Hong Kong, Singapore, Canada, the United States, the United Kingdom, Central America, and South America.
About Us
LEADING INSURANCE MANAGEMENT
IML has a devoted team of insurance and accounting professionals with extensive
experience in the management of insurance companies.
With experience in managing commercial and captive insurance companies dating back to the nineteen seventies, the IML team provides the highest level of expertise and quality of service to its client companies.
INSURANCE
MANAGEMENT
LEADERS
OUR DIFFERENCE
Market Leaders
With over 40 years of experience and clients spanning all over the world, we are well positioned to provide best in class solutions to suit our client needs.
OUR DIFFERENCE
Long Term Partners
Maximizing your success starts with the right partner. The majority of our portfolio includes clients who have been with IML since its incorporation.
OUR DIFFERENCE
BESPOKE SOLUTIONS
With IML, you get a dedicated team with in-depth industry knowledge that specializes in the design, implementation, and management of Commercial and Captive Insurance Companies.
OUR REACH
providing bespoke solutions for a diverse portfolio of insurance clients
IML provides bespoke solutions to our diverse portfolio of
Insurance clients based in:
ABOUT OUR
LEADERSHIP TEAM
JUSTIN N. DOHERTY
President & CEO
Justin N. Doherty was appointed President and CEO of IML on April 1, 2024. With over a decade of experience in the insurance industry, Mr. Doherty is a seasoned and forward-thinking leader. He spearheads strategic initiatives to boost market competitiveness, enhance operational efficiency, and deliver unparalleled value to clients and stakeholders. With a robust focus on innovation and customer-oriented solutions, he guides our team through intricate regulatory landscapes, fostering a culture of integrity, trust, and accountability. Committed to promoting sustainable growth and securing long-term success, he utilizes his expertise to propel the company to new pinnacles of excellence.
Before his tenure at IML, he held primary responsibilities for finance, accounting, and regulatory affairs at AXIS Capital’s Bermuda subsidiaries, including AXIS Specialty Limited, which annually wrote gross premiums of approximately $2 billion. Before joining AXIS in 2019, he provided insurance and reinsurance consulting services to various Bermuda-based insurers, such as Renaissance Re and Tokio Millennium Re.
Mr. Doherty is a University of Sunderland alumnus with a BA (Hons) in Accounting and Finance. He also holds the designations of Chartered Professional Accountant (CPA) and Fellow Chartered and Certified Accountant (FCCA).
ALLAN J. BEALES
Consultant
Allan Beales graduated from Lancaster University with an honour’s degree in Economics in 1986. He then trained with a Chartered Accountancy practice in southern England, qualifying as a Chartered Accountant in the UK in 1991.
After relocating to Bermuda in 1993, he worked for a local Chartered Accountancy practice affiliated with international accounting firms including Grant Thornton. Beginning in 1998 he was employed at the Bank of Bermuda as a Vice President, Senior Account Manager where he was responsible for a team of 18 people in the Global Fund Services division, offering administration and custodian services to offshore fund clients.
Allan joined Independent Management Ltd. in 2004, assuming responsibility for a portfolio of companies including not-for-profit captives and segregated accounts companies managed by IML. Allan was Senior Vice President of IML through July 31, 2013. With effect from August 1, 2013, Allan relocated to Canada where he serves as a consultant to IML, assuming the role of Chief Financial Officer. In this capacity, he offers invaluable support and services to both IML and its clients.
ADRIENNE E. HINTZ
COMPLIANCE OFFICER
Adrienne Hintz returned to Bermuda in 1993 after having lived in Bermuda in the late 1970’s and early 1980’s. An American citizen, she was born in South Africa and grew up in Singapore where her father was posted with Goodyear Tire & Rubber Company. She received her Bachelor of Science degree in Accounting from Widener University in Chester, Pennsylvania in 1985. In 2016, Adrienne received her Associate in Captive Insurance (ACI) from the International Center for Captive Insurance Education.
After graduation, Adrienne joined the home office of GENEX (formerly known as General Rehabilitation Services, Inc.) in Wayne, PA, working in the Accounts Receivable and Accounts Payable departments, eventually being promoted to Manager of the Accounts Payable department. In 1987 she assumed additional responsibilities and was promoted to Senior General Ledger Accountant.
Adrienne joined Independent Management Ltd. in 1994 following her return to Bermuda. She is currently Senior Vice President and manages the accounts of a group of companies. Her responsibilities include preparing monthly and quarterly financial statements, supporting schedules, account reconciliation, cash management, regulatory administration, annual audits, meeting planning, and day-to-day administrative duties. Adrienne is also the Compliance Officer, Money Laundering Reporting Officer, and Privacy Officer for IML. Adrienne is responsible for all AML/ATF, Privacy, and Regulatory Compliance.
NATALIE L. KING
Chief Operating Officer
Natalie L. King and was appointed Chief Operating Officer at IML on July 1, 2024. Her journey with IML began in 1998, and she brings more than two decades of insurance experience to her current position. As COO, she oversees the day-to-day operations of IML, collaborating closely with the CEO on various tasks ranging from business development to strategic planning initiatives. Additionally, Ms. King manages a portfolio of companies within IML, including healthcare and nonprofit entities.
Before joining IML, Ms. King worked at the Bank of Bermuda. Initially, she served as a management trainee in the Global Custody, Investment, and Treasury Departments. Following her completion of the management training program, she transitioned to the Treasury Department, focusing on Cash Management and Settlements.
Ms. King holds a Bachelor of Commerce Degree in Accounting from Saint Mary’s University in Halifax, Nova Scotia, which she earned in 1994.
KAREN CLARE
Senior Account Executive
Karen is a Chartered Accountant with an MBA from Heriot Watt University in Edinburgh, Scotland.
From 1982 to 1989 she worked in Edinburgh in various accounting positions. In 1989, she moved to Bermuda and began working for Independent Management Ltd., assuming responsibility for a group of IML client insurance companies. In 1998, she left IML to work with Arthur J. Gallagher in their captive management department.
After taking time off to start a family in 2000, she resumed her career in 2002, working as a consultant for both international insurance/reinsurance companies and local Bermuda companies. In 2009, she returned to IML as a consultant, with responsibility for a portfolio of companies including commercial insurers, not-for-profit captives and segregated accounts companies.
SABRINA STEWART
Senior Account Executive
Sabrina Stewart is a Chartered Accountant with an Honours Degree in Accountancy from the University of Mauritius in 1998 and an MBA in Finance in 2005. She is also a Fellow of ACCA (UK) since 2005.
During the period 2001 through 2005, Sabrina worked in Mauritius specializing in providing administrative and accounting services to investment holding companies and mutual funds.
Sabrina arrived in Bermuda in 2005 and worked for Apex Fund Services Limited as a senior fund accountant. She speaks English and French fluently.
Sabrina joined Independent Management Ltd. on July 1, 2008 and is responsible for the management of a group of IML client insurance companies.
DAWNETTE DARRELL
Senior Account Executive
Dawnette earned her associate’s degree in business administration from The Bermuda College. In 1988, she began her career at Zurich International (Bermuda) Ltd. as an Assistant, where she was subsequently promoted to Accountant Level 2 and 3. She dedicated ten years to Zurich before transitioning to Aon Insurance Manager (Bermuda) Ltd. in 1999 as a Senior Accounts Administrator. At Aon, she was elevated to the position of Account Executive, a role she held until 2015. During her tenure at Aon, she also completed her Associate in Captive Insurance (ACI).
In 2015, Dawnette joined Independent Management Ltd., where she currently serves as a Senior Account Executive, managing a portfolio of companies. In addition to her primary responsibilities, Dawnette holds the roles of Compliance Officer, Money Laundering Reporting Officer, and Privacy Officer for Independent Management Ltd. She oversees all AML/ATF, privacy, and regulatory compliance matters.
ABOUT OUR
BOARD OF DIRECTORS
RICHARD D. SPURLING, MBA
CHAIRMAN
Mr. Spurling obtained a B.A. degree in Law from Trinity College, Oxford University, U.K. He attained the English Bar qualification from The Council of Legal Education, London, England and was called to the English bar in 1976 and to the Bermuda Bar in 1977. He received both his B.A., Business Administration, and M.B.A., from the College of William & Mary, Williamsburg, Virginia, USA. His early education began at St. George’s Grammar School in Bermuda, and continued through Grade 13 matriculation at Ridley College, St. Catharines, Ontario, Canada.
Mr. Spurling retired in 2005 as the Senior Partner of a major Bermuda law firm where he specialized in the practice of Corporate and Commercial Law with an emphasis on Insurance/Reinsurance Law.
He has held many positions in church, civic, business and government organizations including election as Member of the Bermuda Parliament in which he served as the Government Whip. He founded the St David’s Island Historical Society and the Bermuda Pilot Gig Club.
Mr. Spurling was a director of several public companies over many years including BF&M Limited, Ascendant Ltd, Bermuda Press, WP Stewart & Co Ltd and Butterfield Bank, chairing audit, special and governance committees. He also serves as a director of a number of private companies.
He is currently a member of Mid-Ocean Club, Royal Bermuda Yacht Club, and Coral Beach & Tennis Club.
CYRIL H. WHITTER, JR.
BOARD DIRECTOR
Cyril Whitter received his formal accounting training at The Bermuda College where he received a Diploma in Accountancy in 1978. He then joined Jardine Pinehurst Management Company Limited as an accountant specializing in the management of captive insurance companies and was appointed Senior Vice President in 1991. He remained at Jardine Pinehurst until 1993 when he joined Independent Management Ltd.
Cyril’s experience in the management of insurance companies has resulted in the development of expertise in many areas including: the administration of and financial reporting for insurance companies domiciled in Bermuda, Barbados, The Cayman Islands and Hong Kong. His experience covers many classes of insurance including property/casualty, medical malpractice, professional liability, directors & officer’s liability, group life and health, strike insurance and employment practices liability insurance.
He was appointed Executive Vice President of Independent Management in 2007 with responsibility for day-to-day operations. In this position he worked closely with IML’s President on new business development and company formations. Cyril was appointed President and CEO of IML in 2009.
He was the recipient of the 2022 Fred Reiss Lifetime Achievement Award for outstanding commitment and contribution to Bermuda’s captive insurance industry.
On April 1, 2024 Cyril stepped down as president and CEO of IML. He continues to serve as Director of IML and its parent Company.
MAURA M. GRANT
BOARD DIRECTOR
Maura Molloy Grant was educated at Providence College in Rhode Island (USA), where she received her B.A., followed by The Catholic University, Columbus School of Law, in Washington, DC, where she earned her J.D. Ms. Grant also attended University College Dublin (UCD), Ireland. She was admitted to the New York State Bar in 2002 and the Washington, DC Bar in 2003.
Ms. Grant began her career litigating in the areas of labor and employment law, general corporate law and real estate and construction law, where primarily she represented plaintiffs and employees. In 2009, Ms. Grant joined Hanson & Molloy to practice with J. Dennis Molloy in representing large and small companies, trade associations, and historical societies on the management side, in a range of labor, employment, insurance and reinsurance law issues and offshore corporation formation and insurance law.
In 2017, Ms. Grant became the managing partner of Hanson & Molloy, PLLC, the Washington, DC law firm that succeeded the late Mr. Molloy and Hanson & Molloy. Ms. Grant advises the firm’s Bermuda-based clients regarding U.S. insurance and reinsurance law and labor and employment law. Ms. Grant also represents U.S.-based clients in corporate and commercial law and not-for-profit law.
Ms. Grant sits on the Boards of Bermuda-based companies affiliated with IML. Ms. Grant also sits on the Strategic Planning Committee of the School Advisory Board at Holy Redeemer School in Kensington, Maryland. Ms. Grant maintains memberships in both the New York State Bar Association and the DC Bar.
STEPHEN W. KEMPE
BOARD DIRECTOR
Stephen Kempe was educated in Bermuda at Saltus Grammar School and Warwick Academy, and in London, England at the London School of Foreign Trade.
During the course of thirty-five years he held various positions at the Bank of N. T. Butterfield & Son Ltd., retiring in 1997 as Executive Vice President – International.
Mr. Kempe is currently President of Admiral Management Services Limited, a company providing management services to local and international clients located in Bermuda. He is a director of a number of other private client companies.
Mr. Kempe is a member of Royal Bermuda Yacht Club and Coral Beach & Tennis Club in Bermuda.
GEORGE GRIGAITIS
BOARD DIRECTOR
George Grigaitis moved to Canada from his native Lithuania, earning a B. A. in Economics from York University in Toronto and C.I.M. (Canadian Industrial Management Certificate) from University of Toronto.
Mr. Grigaitis was previously a principal owner of a number of successful printing companies in Manitoba and Ontario, Canada. He is currently President and owner of Gricorp Ltd. a Canadian controlled private investment corporation incorporated in Alberta, Canada and Chairman of Insign Ltd., a sign manufacturing company in Winnipeg, Manitoba.
PAGET WHARTON
BOARD DIRECTOR
Paget Wharton began his career with Bermuda Press Ltd. as an apprentice at age 15. He held increasingly important positions as Production Manager and General Manager and previously held the highest position in the company as Managing Director. He worked at Bermuda Press for almost 50 years. He was also President of Engravers Limited. During his career Mr. Wharton has undertaken several certification and professional development programs and has received training in business planning, finance and strategic management from the National Association of Printers and Lithographers (USA). Mr. Wharton currently works as an accounts representative at Medical House Limited.
Mr. Wharton devotes much time and energy to civic and charitable organizations. He was a long standing board member and was a Chairperson of Age Concern Bermuda and previously served on their Executive and Fundraising Committees. He has served as a director of King Edward Memorial Hospital and Chairman of their Finance Committee.
Mr. Wharton was instrumental in the development of the National Training Board. He has served as a director of the Employer’s Council and as Chairman of the Apprenticeship and Training Council and has served as an ex-officio Director of The Bermuda College and previously served as interim Chairperson for the Bermuda Underwater Exploration Institute. His philanthropy is well known among Bermuda’s community organizations and charities in need of printed materials.
ROY A CARDIA
BOARD DIRECTOR
Mr. Cardia received his primary education in Boston Massachusetts, USA. He received a B. A. in Printing Management at Rochester Institute of Technology, Rochester, New York.
Mr. Cardia worked in the U. S. printing industry for over 40 years, attaining the position of Chief Executive Officer of a major publicly owned printing company. Mr. Cardia also was the president/owner of a small business in the graphic arts industry.
During his career, Mr. Cardia was a director of many trade associations in New York and Chicago as well as on a national level, acting as Chairman of a number of them. He also served as president of an Illinois school board, president of two credit unions, and director of a number of U. S. and Bermuda insurance companies in the property/casualty and life insurance fields.
JUSTIN N. DOHERTY
President & CEO
Justin N. Doherty was appointed President and CEO of IML on April 1, 2024. With over a decade of experience in the insurance industry, Mr. Doherty is a seasoned and forward-thinking leader. He spearheads strategic initiatives to boost market competitiveness, enhance operational efficiency, and deliver unparalleled value to clients and stakeholders. With a robust focus on innovation and customer-oriented solutions, he guides our team through intricate regulatory landscapes, fostering a culture of integrity, trust, and accountability. Committed to promoting sustainable growth and securing long-term success, he utilizes his expertise to propel the company to new pinnacles of excellence.
Before his tenure at IML, he held primary responsibilities for finance, accounting, and regulatory affairs at AXIS Capital’s Bermuda subsidiaries, including AXIS Specialty Limited, which annually wrote gross premiums of approximately $2 billion. Before joining AXIS in 2019, he provided insurance and reinsurance consulting services to various Bermuda-based insurers, such as Renaissance Re and Tokio Millennium Re.
Mr. Doherty is a University of Sunderland alumnus with a BA (Hons) in Accounting and Finance. He also holds the designations of Chartered Professional Accountant (CPA) and Fellow Chartered and Certified Accountant (FCCA).