THE Bermuda Insurance Institute (BII) has given its Lifetime Achievement Award to Robert Newhouse, Jr. for his significant contributions to the development of Bermuda's leading reinsurance market.

The Institute has also named James P. Bryce, president and chief executive officer of Bermuda's IPC Holdings Ltd. as Market Leader of the Year.

Mr. Newhouse has an extensive history in the development of the Bermuda reinsurance market. In the mid-1980s, when a leading figure at Marsh, the world's largest insurance broker, following a crisis in capacity among the liability lines, he was one of two men responsible for the formation of both ACE Ltd. and the company that is now called XL Capital Ltd.

In 1992, he led the formation of catastrophe reinsurer Mid-Ocean Reinsurance Ltd., which was subsequently purchased by XL.

Today, Mr. Newhouse is chairman of the executive board at AXIS Specialty Ltd., a re/insurer set up in the wake of the events of September 11, 2001 that has written nearly a billion dollars of business in its first full year. Mr. Newhouse has been reunited at Axis with Michael Butt, who led Mid-Ocean and has now joined Axis as chairman of Axis Specialty.

Mr. Bryce leads a management team at IPC Re that had a landmark year in 2002, doubling the AIG-controlled firm's premiums and company size. IPC Holdings was formed in 1993 as a response to capacity shortages in the catastrophe reinsurance sector, along with seven other major reinsurers, including Renaissance re and PartnerRe.

IPC is the only one of the eight members of the "Class of '93" that remains committed to its core business, property catastrophe reinsurance.

The awards will be presented at the BII's gala black-tie banquet, to be held on Saturday, March 22 at the Fairmont Southampton Princess Hotel. This will be the fifth year that the awards have recognised the contributions of outstanding individuals whose initiative and leadership in the insurance world sets them apart from their industry peers.

"The awards observe the global significance of the Bermuda market and are in keeping with the BII's commitment to excellence in preparing the industry's future innovators and leaders," said a BII spokeman.

The Lifetime Achievement Award is given to individuals from the insurance industry who have distinguished themselves over their careers. The Market Leader of the Year Award is conferred upon executives who distinguish themselves during the course of the year.

A broadly-based panel sits on the Awards Selection Committee, who provide input from leading organisations in international business, education and journalism.

The selection committee includes representatives from industry magazine Business Insurance; the Bermuda Insurance Management Association; the Bermuda Independent Underwriters Association; the Insurance Brokers Association of Bermuda; The School of Risk Management; Insurance and Actuarial Science of The Peter J. Tobin College of Business (formerly the College of Insurance) at St. John's University; The Royal Gazette; and the BII.

The Bermuda Insurance Institute is a registered charity and educational institution, funded and controlled by insurance industry members. The Institute facilitates insurance studies, and insurance-related studies, organised discussion of industry matters and other interaction among industry participants.

Incorporated under The Bermuda Insurance Institute Act 1984, the organisation has been preparing Bermudians for the insurance industry since 1970.