Jeremy Cox, executive chair of the Bermuda Monetary Authority (BMA), will become the fourth recipient of the Fred Reiss Lifetime Achievement Award.
Cox will receive the award at the Bermuda Captive Conference (BCC), which takes place between 10 and 12 June.
The Fred Reiss Lifetime Achievement Award was launched in 2016 by the conference to celebrate the collaboration of outstanding captive insurance industry professionals and is presented at the conference every year.
The award is named in honour of Reiss, who conceived of the idea of self-insurance by which corporations could manage their own risks through a dedicated subsidiary, and launched the first captive in Bermuda in 1962.
Cox, a native Bermudian, joined the BMA in 2002 following roles in the Bermuda government’s Registrar of Companies and as an auditor.
He was named CEO in 2010 and became executive chair in January this year, and is currently responsible for all supervisory activities conducted by the BMA, including oversight of banks, trust companies, investment businesses, insurance companies, and the board of directors.
Cox has led the BMA through multiple market milestones–most notably, its achievement of full equivalence with the European insurance regulatory regime Solvency II in 2016.
Cox will receive the award at the official conference opening on Tuesday 11 June and will be the BCC industry keynote speaker on Wednesday 12 June.
He said he was “deeply touched and honoured” to receive the award.
Cox added: “I must acknowledge my BMA colleagues for their support and teamwork, and the responsible captive market participants who have never shied away from engaging in constructive dialogue with their regulator.”
“This type of engagement has become a differentiating feature of the Bermuda regulatory experience and will continue to serve Bermuda well as we look to remain the premier domicile for captive insurance.”
Conference chair Mike Parrish described Cox as “a key figure in the Bermuda market” due to “his leadership of the BMA during a period when it has won global recognition and respect”.
Parrish noted: “His contributions to both the island’s insurance industry and other financial services sectors have demonstrated a commitment and vision that not only helped the BMA become globally recognised, but, as a result, also strengthened the jurisdiction’s economic future.”