Eduardo Fox Receives Fred Reiss Award
The Bermuda Captive Conference has announced that Eduardo Fox is the recipient of the 2023 Fred Reiss Lifetime Achievement Award, for outstanding commitment and contribution to Bermuda’s captive industry.
A spokesperson said, “Eduardo Fox, this year’s awardee, has a decorated career in the captive insurance space spanning over 30 years, which saw Eduardo assist with the development of the Latin-American captive insurance market from the early 1990’s.
“Eduardo A Fox, LE and LC, serves as Consultant in Appleby’s Corporate and Private Client & Trusts practice groups in Bermuda, and for the global Latin American and Latin European team for the global law firm.
“He has over 25 years of experience at Appleby, starting in the capacity of Manager of the Corporate Practice Group. Eduardo’s duties were expanded in April 1997 to also include the management of the Trusts Practice Group and again in 2000 to include the management of the Global LatAm Business Development team. Since then, he has successfully participated in extensive business development exploration in major Latin American and Iberian economies, such as Argentina, Brazil, Colombia, Mexico, Panama, Peru, Portugal, Spain and Venezuela.
“Eduardo was actively involved in the negotiation and signing of Tax Information Exchange Agreements [TIEAs] with Mexico, Colombia, Argentina and Brazil which, effectively, opened the doors for business development with the region. He was appointed a member of the Government of Bermuda’s International Treaty Team and is currently the Oficial Advisor to the Government of Bermuda on Latin American Affairs.
“During the period of TIEA negotiations, he was able to promote Bermuda through the Latin American Risk Management Association [ALARYS in Spanish and Portuguese] and was instrumental in bringing that international organisation’s conference to Bermuda in 2004, 2010 and 2016, the only country that has achieved such feat three times and the only non-LatAm jurisdiction doing so.”
“Eduardo was born in Mexico City and obtained his Economics and Certified Public Accounting post-graduate degrees at the Universidad Nacional Autónoma de México [UNAM], with further studies on International Economics with the University of Maryland, USA.
On receiving news of the award, Eduardo Fox said, “It was a delightful surprise and a definite honour to receive such a prestigious recognition. I would like to profusely thank those who saw my contribution worthy of such high award, but I should like to mention that, like anything of this magnitude, it is due to the hard work and support by many in the industry and the country as a whole. I have been extremely lucky to be surrounded and assisted by so many great visionaries, who not only had the patience to listen to me but signed off on the great project of business-developing a new market of more than 600 million people.
“Thanks to all the great people within industry, as well as current and past governments. Although there are too many to mention individually, I must mention those who have left us for a better world, such as the late Hon. Eugene Cox, Minister of Finance at the time of our first TIEA with Mexico, who encouraged us and supported us until it was put into effect. That TIEA was the standard accepted by the OECD for the rest of LatAm; Peter Strong, ex-principal of IMG, without whose incredible enthusiasm and diplomatic hard work the ALARYS conferences would not have taken place; and Ken Robinson, ex-partner at Appleby, with whom I spent much time ‘in the trenches’ of LatAm business development.
“Finally, my humble thanks to the Bermuda Captive Conference, and all my colleagues within the industry, who continue to support ‘The Cause’, since, as many of you know, I haven’t really retired from trying to bring new LatAm clientele to my adopted country, Bermuda; and to all those who benefit from that new business.”
Leslie Robinson, Bermuda Captive Conference Chair & Senior Vice-President – Head of Underwriting & Claims at Willis Towers Watson Management [Bermuda] commented, “Both the Bermuda Captive Conference and the Bermuda Captive Network are thrilled to bestow this year’s honoured award upon an industry veteran who has devoted over three decades to the captive insurance industry and the broader international business community in Bermuda. We deeply appreciate his long-standing service and unwavering dedication, which have played a pivotal role in maintaining Bermuda’s status as the preferred domicile for captives and other global business ventures.”
The spokesperson said, “The prestigious 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.
“Eduardo Fox is the 7th individual to receive this honour, following previous awardees including Cyril Whitter, President & CEO of Independent Management Ltd. [2022], 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.
“The Bermuda Captive Conference takes place on September 11 – 13, 2023 at the Hamilton Princess Hotel & Beach Club. Fox will be recognised on September 13 at the Wrap Party at 8:30pm.”
Congratulations and thanks for your service throughout our community and abroad. True ambassador
Congratulations Mr. Fox. A great honor and well deserved.
Mr. Fred Reiss was a great business man, a great leader, and most importantly a great human being.