Fred Reiss Lifetime Achievement Award Presented
The Bermuda Captive Conference announced that Bala Nadarajah has been posthumously awarded the Fred Reiss Lifetime Achievement Award for 2024, honouring his remarkable career and contribution to the captive industry.
A spokesperson said, “The Bermuda Captive Conference is proud to announce that Bala Nadarajah has been posthumously awarded the Fred Reiss Lifetime Achievement Award for 2024, honouring his remarkable career and contribution to the captive industry.
“The prestigious honour was announced during the opening session of the conference by Bermuda Captive Conference Chair Thomas McMahon and presented to members of Bala’s family by The Hon. Jason Hayward JP, MP, Minister of Economy and Labour, Government of Bermuda.
“Named after Fred Reiss, the Ohio engineer who created the world’s first captive insurance entity in 1962, the Fred Reiss Lifetime Achievement 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.
“Bala Nadarajah has been honored 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 be felt throughout the sector.
“A distinguished lawyer originally from Sri Lanka, Nadarajah was a quiet yet transformative force behind the rise of Bermuda as a global reinsurance hub. For over 30 years, he dedicated himself to the development of the island’s insurance and reinsurance sector, serving in various legal advisory and regulatory roles that laid the foundation for Bermuda’s success as a leading offshore financial center.
“Arriving in Bermuda in 1979 at the invitation of the late Shelton Burgess, then Registrar of Companies, Bala played an instrumental role in shaping the regulatory landscape that underpins Bermuda’s insurance industry. With a Master’s degree in Comparative Law from Georgetown University, he was uniquely positioned to help draft and implement the essential regulations, including the historic Insurance Act of 1978 and the Bermuda Companies Act. He was also the principal draftsman of the Bermuda Insurance Regulations 1981. These laws were pivotal in evolving Bermuda from a captive domicile to one of the world’s foremost property catastrophe reinsurance jurisdictions.
“Bala’s contributions extended far beyond the legal framework. He served as a Legal Advisor to the Bermuda Ministry of Finance, the Registrar of Companies, and the Insurance Advisory Committee, and represented the Attorney General’s Chambers in the Private Bills Committee. He was also a director of the Bermuda Monetary Authority [BMA] from 2002 to 2006, a period when the BMA was solidified as the industry regulator. During his tenure, Bala was a key figure in creating the Bermuda insurance class system in 1995, which provided the flexibility needed to accommodate the industry’s exponential growth while maintaining Bermuda’s global reputation for integrity and stability. The resulting bifurcation of Bermuda’s Insurance Market between captive and commercial enabled the Solvency II equivalence being applied to just the commercial sector.
“Known for his integrity, wisdom, and humility, Bala was not only respected for his legal expertise but also cherished for his mentorship and kindness. His colleagues, including Jeremy Cox, CEO of the Bermuda Monetary Authority, and Donald Scott, former Financial Secretary in the Ministry of Finance, acknowledged him as a key architect of Bermuda’s insurance laws and a champion for the industry.
“Beyond his professional achievements, Bala was a devoted family man. His son, Stefan, shared that while Bala was proud of his professional legacy, he was most proud of the relationships he developed throughout his career.”
“He deeply touched so many people’s lives, from young to old, whether friend, client, colleague, or sometimes even stranger,” said Stefan. “Bala’s life was defined by his compassion, humility, and integrity, traits that were deeply appreciated by all who knew him.
“This recognition not only reflects his outstanding impact but also serves as a tribute to his enduring legacy in the captive insurance community.
Thomas McMahon, Chair of the Bermuda Captive Conference, reflected on Bala’s legacy: “Bala’s contributions to the Bermuda captive insurance industry were truly transformative. His innovative spirit and relentless dedication set a high standard for excellence. It was a privilege to announce this award in his honor, and we are deeply moved to celebrate his legacy. His influence endures, and this recognition is a fitting tribute to his remarkable achievements.
“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.”
Rod Attride-Stirling, Chairman at ASW Law commented: “It was a privilege to work with Bala for so many years. He had an ability to quietly influence. Everyone who worked with him was left feeling positive about the interaction.
“As a lawyer, his analysis of complicated issues was always impressive. Where others saw problems, he saw solutions. His positivity was infectious. People knew instinctively that he was someone you could trust. I was proud to be his colleague and his friend. He’s greatly missed.”
Neil Horner, Head of Corporate at ASW Law added: “Bala was a mentor, role model and friend. He was a fantastic lawyer who brought a practical approach to his work and dedication to his clients firmly rooted in his fundamental integrity and an overriding commitment to Bermuda as a jurisdiction. I was so fortunate to work alongside him.”
Bala’s son, Stefan Nadarajah, was invited to accept the award on his behalf, honoring his remarkable career and contributions. “It is a tremendous honour to be able to accept this prestigious award on behalf of Bala’s family [my mother Kristina, my sister Nadine and my children Theo and Athena]. I am very proud of not just what my father was able to accomplish during his lifetime, but how he went about doing so and am pleased to see his legacy live on through Bermuda’s continuing success as a world leading insurance/reinsurance jurisdiction.”
The spokesperson said, “The Bermuda Captive Conference takes place this week on September 9 and 10 at PIER 6 in the City of Hamilton, bringing together industry leaders to celebrate, share insights, and discuss the bright future of the captive insurance sector in Bermuda.”
