Bala Nadarajah Posthumously Honored with Lifetime Achievement Award

Bala Nadarajah has been posthumously awarded the 2024 Fred Reiss Lifetime Achievement Award at the Bermuda Captive Conference, recognizing his pivotal contributions to the captive insurance industry. The award was presented to Mr. Nadarajah's family by Bermuda's Minister of Economy and Labour, Jason Hayward, during the conference's opening session.

Named in honor of Fred Reiss, the creator of the first captive insurance entity, the award highlights individuals who have made significant contributions to Bermuda's insurance market. Mr. Nadarajah joins an esteemed list of previous recipients, including Eduardo Fox, Cyril Whitter, Cathy Duffy, and Jeremy Cox.

Originally from Sri Lanka, Mr. Nadarajah was instrumental in establishing Bermuda as a global insurance and reinsurance hub. His career spanned over 30 years, during which he played key roles in drafting pivotal regulations, including the Insurance Act of 1978. His work laid the foundation for Bermuda's evolution into a leading reinsurance jurisdiction.

Mr. Nadarajah's contributions extended to numerous advisory roles, including serving as legal advisor to the Bermuda Ministry of Finance and the Bermuda Monetary Authority. He was integral to the creation of Bermuda's insurance class system, which facilitated the sector's growth and its recognition under the Solvency II framework.

Colleagues praised Mr. Nadarajah for his legal expertise, humility, and mentorship. His influence continues to resonate in the industry, with his son, Stefan, acknowledging his father's professional legacy and personal impact on those he worked with.

The Bermuda Captive Conference runs from September 9 to 10 at PIER 6 in Hamilton, celebrating the captive insurance sector's future and honoring those who have shaped its success.