4 June 2019Analysis

Fourth Fred Reiss Life Achievement Award winner revealed

The fourth Fred Reiss Lifetime Achievement Award, named after captive pioneer Frederic Reiss, will be presented to Jeremy Cox, executive chair of the Bermuda Monetary Authority (BMA) at the upcoming Bermuda Captive Conference on June 11.

Fred Reiss coined the term “captive insurer” and created the first captive insurance company in 1962. Fred Reiss’ concept of “self-insurance” was first applied to American steel companies before being pursued in Bermuda.

Previous winners of the Fred Reiss award include Jill Husbands, former chairman and managing director of Marsh IAS Management Services (Bermuda); corporate lawyer Michael Burns; and Brian Hall, former director and president of Johnson & Higgins.

Cox was named executive chair of the BMA in January 2019. He has overall responsibility for all supervisory activities conducted by the BMA, including the supervision of banks, trust companies, investment businesses, insurance companies and the board of directors.

He began his career as an auditor and later served as the Bermuda government’s Registrar of Companies. He joined the BMA in 2002 and was named CEO in 2010, leading the regulator as it achieved full equivalence with Europe’s Solvency II regime.

Bermuda hosts more than 700 captive insurance companies, supporting primarily Fortune 500 corporations in the US and generating $40bn in annual gross written premiums.