A leading player in the insurance-linked securities (ILS) market will receive the Bermuda Insurance Institute’s Industry Leader of the year Award later this month.

Kathleen Faries, the chief executive officer of Tokio Solution Management Ltd (Tokio Solution), was named to pick up the honour, which recognises an individual who has made a significant contribution to the insurance industry in Bermuda during 2014.

The BII’s Insurance Industry Awards ceremony will be held at the Fairmont Hamilton Princess on May 14.

Ally Roberts, of Validus, will receive the Young Industry Leader of the Year Award, while BF&M Insurance Group will receive the Corporate Social Responsibility Award.

Ace Group will receive Top Corporate Sponsor award, a new addition this year.

The industry leader award recognises “outstanding leadership, unique thought leadership, and/or outstanding ability that has influenced the market in a positive way beyond the results of their organisation”.

Ms Faries has over 25 years industry experience. She started out as the head of the Market Solutions department of Tokio Millennium Re (TMR) and was instrumental in developing and expanding that department into what is now Tokio Solution.

As CEO of Tokio Solution, Ms Faries has spearheaded cutting-edge ILS solutions. Under her leadership Tokio Solution won the Trading Risk 2014 Market Facilitator of the Year Award, an award it also won in 2011 as part of TMR.

Ms Faries also lends her support and leadership to insurance industry groups such as ILS Bermuda where she is a founding member and member of the board. ILS Bermuda spearheaded the creation of “ILS Bermuda Convergence”, a leading ILS conference held in Bermuda every autumn.

The ILS Bermuda Convergence 2014 event was hailed a major success, drawing more than 300 delegates from 13 different countries including Canada, Cayman Islands, Finland, France, and Germany. Kathleen also sits on the board of Women In Reinsurance (WIRe) and the BII.

The young industry leader award, which recognises “an individual under the age of 35 who over the previous year has made a significant contribution to his/her organisation, promoted professionalism, ethics and the development of talent and technical expertise”, as well as “achievement in both their career and the wider community in Bermuda”.

Winner Ms Roberts started with Validus in the summer student programme and was hired in the Operations Department as a junior reinsurance analyst upon graduation from the University of Western Ontario. After about a year, she was promoted to reinsurance accountant and subsequently during 2014 to assistant manager, where she quickly built a team with five direct reports.

Ms Roberts’s designations include The Associate in Reinsurance (Are), The Associate in Insurance Services (AIS), and the Chartered Property Casualty Underwriter (CPCU) designation.

She is part qualified as Chartered Professional Accountant (CPA) and will shortly complete the qualification. Additionally, she is very involved with the CPCU Society and has held many roles as a part of the Leadership Council and having chaired several committees. She is currently president-Elect of the Bermuda Chapter of the CPCU Society.

BF&M CEO John Wight said he was delighted at the choice of his company as winner of the Corporate Social Responsibility Award. “We are so proud of this recognition which speaks to the heart of the people at BF&M who have a passion for our community,” he said.

“One of the many benefits to being a financially strong insurance group is that this enables us to give back to our Island in a very meaningful way, whether it be to assist Bermuda’s charities financially or by having BF&M staff members volunteer their time for worthwhile projects in our community. We are so thankful to the Bermuda Insurance Institute for this award.”

He added: “Our commitment to supporting our community does not waiver based on the state of the economy. In fact, we have increased our charitable giving in recent years during these tough economic times as Bermuda charities and causes need financial support now more than ever.”

He also said, “What sets us apart from many of our industry peers is that in addition to the larger charities such as the Bermuda Hospitals Board’s Charitable Trust’s ‘Why it Matters’ campaign, that BF&M donated $250,000 to, BF&M tries to respond to the needs of smaller charities that are out of the mainstream spotlight.

“We believe that so many of the smaller charities make a vital contribution to our society, but due to their size, they often miss out on much needed donations. As a champion for all charities, both large and small, BF&M is proud to have supported over 75 different registered charities in 2014. Three quarters of these charities can be characterised as small.”

The Top Corporate Sponsor award is given to the company that provided the most support financially and ‘in kind’ to the BII during the year. In 2014, that was Ace.

Dr Dawnnelle Walker, CEO of the BII, said: “Ace has been a major patron of the BII for many years and is a platinum level member. Last year alone Ace provided the BII with significant financial support, use of Ace Building facilities, and the time of countless employees who volunteer on BII committees, panel discussions and facilitate seminars.

“The BII continues to offer effective professional education and development opportunities for Bermuda’s risk professionals thanks to the support of companies like Ace and our other members.”

Dr Walker also offered congratulations to this year’s winners and said: “The BII is pleased to have the opportunity to celebrate the insurance and reinsurance industry: a cornerstone of Bermuda’s economy. Our awards event highlights professional excellence and the industry’s strong emphasis on community support.”

The BII is a registered charity and educational institution, funded by its insurance industry members. The institute facilitates world-class training, development, and assessment. It also acts as a focal point for discussion of insurance industry matters and other interaction among industry participants in Bermuda. Incorporated under the Bermuda Insurance Institute Act of 1984, the organisation has been preparing Bermudians for the insurance industry since 1970.

To purchase tickets for the awards event contact the BII at 295-1596.