The Fred Reiss Lifetime Achievement Award for 2024 honours Bala Nadarajah posthumously, in recognition of his outstanding career and contributions to the captive industry.
The prestigious honour was announced today during the opening session of the Bermuda Captive Conference (BCC) by its chair Thomas McMahon, and presented to members of Nadarajah’s family by The Honourable Jason Hayward, Bermuda’s Minister of Economy and Labour.
Named after Fred Reiss, the Ohio engineer who created the world’s first captive insurance entity in 1962, the award celebrates individuals who have made significant and lasting contributions to Bermuda’s global insurance market.
Since its inception in 2016, the award has recognised influential leaders such as Eduardo Fox, Cyril Whitter, Cathy Duffy, Jeremy Cox, Brian R. Hall, Michael Burns, and Jill Husbands.
The BCC says that Nadarajah has been honoured for his extraordinary leadership and dedication to the captive insurance industry. His visionary work has been instrumental in establishing and advancing Bermuda's position as a premier hub for captive insurance, and his impact continues to resonate throughout the sector.
For over 30 years, Nadarajah dedicated himself to the development of the island’s (re)insurance sectors, serving in various legal advisory and regulatory roles that laid the foundation for Bermuda’s success as a leading offshore financial centre, according to the BCC.
During his tenure, he helped establish Bermuda's 1995 insurance class system, providing the flexibility needed to accommodate the industry’s exponential growth. The resulting division of Bermuda's insurance market into captive and commercial sectors allowed for the sole application of Solvency II equivalence to the commercial sector.
From 2002 to 2006, he served as a director of the Bermuda Monetary Authority, solidifying its position as the industry regulator.
Reflecting on Nadarajah’s legacy, McMahon remarked: “Bala’s contributions to the Bermuda captive insurance industry were truly transformative. His innovative spirit and relentless dedication set a high standard for excellence.
“Bala will be remembered not only as a legal luminary who helped shape Bermuda’s global reinsurance reputation but also for his kind and compassionate demeanour, who inspired many and left an indelible mark on the lives he touched.”
The BCC takes place between 9–10 September at the Pier 6 complex in Hamilton, bringing together industry leaders to celebrate, share insights, and discuss the bright future of the captive insurance sector in Bermuda.
