The Bermuda Insurance Institute (BII) announced yesterday that the "father of the Bermuda reinsurance market", Mr. Robert Newhouse, is being bestowed a Lifetime Achievement Award for his significant contributions to the development of Bermuda's leading reinsurance market.

The Market Leader of the Year award goes to the president and chief executive officer of IPC Holdings Ltd., Mr. James P. Bryce.

Mr. Newhouse led the development of Mid Ocean Reinsurance Ltd. in 1992, largely seen as the beginning of the development of a leading reinsurance market that today offers solutions on a global basis.

Mr. Newhouse is Chairman of the Executive Board at AXIS Specialty Ltd., a new (re)insurer that has written nearly a billion dollars of business in its first full year. Seen as instrumental in the development of both XL and ACE,

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.

The prestigious annual awards will be handed out during the BII's gala black-tie banquet on Saturday March 22 at the Fairmont Southampton Princess Hotel.

This is the fifth year 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.

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.

The BII has a broad-based panel on the Awards Selection Committee, who provided input from leading organisations in international business, education and journalism.

The selection committee includes representatives from industry magazine Business Insurance, 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 Bermuda Insurance Management Association, the Bermuda Independent Underwriters Association, the Insurance Brokers Association of Bermuda, 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.