Bala Nadarajah awarded lifetime achievement award
Bala Nadarajah has been posthumously awarded the Fred Reiss Lifetime Achievement Award for 2024, honouring his remarkable career and contribution to Bermuda’s international insurance and reinsurance industry.
Jason Hayward, Minister of Economy and Labour and Thomas McMahon, Bermuda Captive Conference chairman presented the award to Mr Nadarajah’s family today at the BCC.
Named after Fred Reiss, the man dubbed “the father of captives”, the award celebrates individuals who have made significant and lasting contributions to Bermuda’s global insurance market.
Bala Nadarajah was honoured for visionary work that helped establish and advance Bermuda as a premier hub for captive insurance, leaving a legacy that continues to be felt throughout the sector.
A distinguished lawyer originally from Sri Lanka, Mr 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 centre.
He served as a legal adviser 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 from 2002 to 2006, a period when the BMA was solidified as the industry regulator.
During his tenure, Mr Nadarajah 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, Mr Nadarajah was not only respected for his legal expertise but also cherished for his mentorship and kindness.
His colleagues, including Jeremy Cox, then chief executive officer 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.
His son, Stefan Nadarajah, was invited to accept the award on his behalf, honouring his remarkable career and contributions.
He commented: “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.”
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