Cyril Whitter Earns 2022 Fred Reiss Award

September 9, 2022

Cyril Whitter Bermuda September 2022Cyril Whitter will receive the 2022 Fred Reiss Lifetime Achievement Award for his “outstanding commitment and contribution to Bermuda’s captive industry.”

A spokesperson said, “As the Bermuda Captive Conference celebrates the 60th anniversary of the Bermuda Captive industry, Cyril Whitter has been announced as the honoured recipient of the 2022 Fred Reiss Lifetime Achievement Award, for his outstanding commitment and contribution to Bermuda’s captive industry.

“A veteran amongst Bermuda’s insurance community, Whitter’s long-standing career in the captive insurance space has seen more than 44 years of dedicated service to clients and industry peers alike.

“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 specialising 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 & officers’ 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.”

On receiving news of the award, Mr Whitter said: “I am truly humbled to receive the Fred Reiss Bermuda Captive Conference Lifetime Achievement Award. I have had the honour of serving Bermuda’s captive insurance company and international business sectors for many years. The executives from these sectors have worked tirelessly to ensure that Bermuda continues to be a global leader. I am thankful that I have had the opportunity to be a part of this effort.”

The spokesperson said, “The conference award celebrates Bermuda figures who have had an outstanding impact and valuable contribution on the captive insurance industry. Launched in 2016, is named after pioneering Bermuda-based Ohio engineer Fred Reiss, who conceived of the idea of ‘self-insurance.’

“In 1962, Reiss created the world’s first captive as a dedicated subsidiary through which a corporation could manage its own risks. Starting with American steel companies, Reiss pursued the concept in Bermuda and the sector recorded exponential growth over subsequent decades, fueling the foundation of the island’s global insurance market.”

“Cyril Whitter is the 6th industry veteran to receive this honour, following previous awardees including Cathy Duffy, Country Leader of Bermuda, AIG [2021], Jeremy Cox, Executive Chair at the Bermuda Monetary Authority [2019], Brian R Hall, OBE, a former director and president of Johnson & Higgins [2018], Michael Burns, a leading Bermudian corporate lawyer [2017] and Jill Husbands, former chairman and managing director of Marsh IAS Management Services [Bermuda], who won the inaugural award in 2016.”

Leslie Robinson, Bermuda Captive Conference Chair & Senior Vice-President – Head of Underwriting & Claims at Willis Towers Watson Management [Bermuda] commented: “On this occasion of our 60th anniversary of captives being established in Bermuda, the Bermuda Captive Conference and the Bermuda Captive Network are extremely delighted to be presenting this year’s award to a Bermudian who has dedicated his entire forty-plus year career to the captive insurance industry, and to the wider international business community in Bermuda.

“We are indeed grateful for his years of service and his commitment in helping to ensure that Bermuda continues to be seen as the domicile of choice for captives and other international business undertakings.”

The Bermuda Captive Conference takes place as a hybrid event next week, on September 12 – 14, 2022 at the Hamilton Princess Hotel & Beach Club, as well as virtually online.

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