The chief of a Bermuda-based business has been awarded a place in the Insurance Hall of Fame.

Now Stephen Catlin, CEO of Catlin Group, will be honoured at a gala dinner in New York next June hosted by the International Insurance Society (IIS) as part if its annual conference.

IIS honours committee chairman Bernhard Fink said: “Stephen embodies the Insurance Hall of Fame criteria — a strong leader with an extraordinary business vision and creativity.

“In a relatively short period of time, the small company he founded has grown into the biggest syndicate at Lloyd’s with operations on four continents — a truly remarkable achievement.”

British-born Mr Catlin was shortlisted with others for the honour by an IIS group of senior industry figures and academics, which was then voted on by members of the society.

He joins more than a 100 worldwide members of the Hall of Fame — which includes Bermuda reinsurance veteran Brian Duperreault and Frederic Reiss, who pioneered the captive insurance business in the 1960s and helped turn Bermuda into the industry’s centre — since it was created in 1957.

Mr Catlin founded a small managing agency with two employees at Lloyd’s of London 30 years ago. The firm has grown to more than 50 offices in 25 countries worldwide with around 2,500 staff and gross premiums written of more than $5.3 billion.

In addition, Mr Catlin has help leadership positions in the London insurance market and the international insurance and reinsurance industry.

The IIS citation said: “Mr Catlin’s career is a case study in leadership and entrepreneurial spirit within the insurance industry. He is well known for his commitment to communities and environmental research.”

Michael Morrisey, president and CEO of the IIS, said: “Stephen is widely respected for his business acumen and success and for his many initiatives to better the world in which we live, exemplifying the role and purpose of the insurance industry.

“He has taken a leading role in efforts to increase the recognition of our industry through his emphasis on corporate responsibility and his commitments to youth, education and environmental research.”

The IIS was founded in 1965 and is the largest industry organisation with members from more than 90 countries.