Cyril Whitter has been honoured as the recipient of the 2022 Fred Reiss Lifetime Achievement Award for his outstanding commitment and contribution to Bermuda’s captive insurance industry.

The announcement was made by the Bermuda Captive Conference, which this year celebrates the 60th anniversary of the captive industry on the island.

Launched in 2016, the award is named after pioneering Bermudian-based Ohio engineer Fred Reiss, who conceived of the idea of “self-insurance”.

A veteran of Bermuda’s insurance community, Mr Whitter’s long-standing career in the captive insurance space has seen more than 44 years of dedicated service to clients and industry peers alike.

He said: “I am truly humbled to receive the Fred Reiss Bermuda Captive Conference Lifetime Achievement Award.

“I have had the honour of serving Bermuda’s captive insurance company and international business sectors for many years.

“The executives from these sectors have worked tirelessly to ensure that Bermuda continues to be a global leader.

“I am thankful that I have had the opportunity to be a part of this effort.”

Leslie Robinson, conference chairwoman, said: “On this occasion of our 60th anniversary of captives being established in Bermuda, the Bermuda Captive Conference and the Bermuda Captive Network are extremely delighted to be presenting this year’s award to a Bermudian who has dedicated his entire 40-plus year career to the captive insurance industry, and to the wider international business community in Bermuda.

“We are indeed grateful for his years of service and his commitment in helping to ensure that Bermuda continues to be seen as the domicile of choice for captives and other international business undertakings.”

The BCC said Mr Whitter's experience in the management of insurance companies has resulted in the development of expertise in many areas including the administration of, and financial reporting for, insurance companies domiciled in Bermuda, Barbados, Cayman Islands and Hong Kong.

His experience covers many classes of insurance including property/casualty, medical malpractice, professional liability, directors & officers’ liability, group life and health, strike insurance and employment practices liability insurance.

Mr Whitter received his formal accounting training at Bermuda College where he received a diploma in accountancy in 1978.

He joined Jardine Pinehurst Management Company Limited as an accountant specialising in the management of captive insurance companies and was appointed senior vice president in 1991. He remained at Jardine Pinehurst until 1993 when he joined Independent Management Ltd.

Mr Whitter was appointed executive vice president of Independent Management in 2007 with responsibility for day-to-day operations.

In this position, he worked closely with IML's president on new business development and company formations.

Mr Whitter was appointed president and CEO of IML in 2009.

Previous recipients of the award include Cathy Duffy, country leader of Bermuda, AIG (2021); Jeremy Cox, executive chairman 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 chairwoman and managing director of Marsh IAS Management Services (Bermuda), who won the inaugural award in 2016.

In 1962, Mr 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, he pursued the concept in Bermuda and the sector recorded exponential growth over subsequent decades, fuelling the foundation of the island’s global insurance market.

The Bermuda Captive Conference, now in its 18th year, takes place Monday through Wednesday as a hybrid event at the Hamilton Princess Hotel & Beach Club, as well as virtually online.