the late Fred Reiss were formally recognised on Saturday night for their contribution to the Island at the Bermuda Insurance Institute (BII) first annual awards.

Mr. Duperreault received the market leader of the year award. Mr. Reiss, who died in 1993, received the lifetime achievement award. Mr. Reiss' wife Debbie and children Nicolette and Jonathan accepted the award on his behalf.

BII president Larry Lombardo said the awards were created to recognise industry leaders who had helped drive Bermuda to become the third largest insurance domicile in the world behind London and New York.

Mr. Duperreault was chosen because of the steps he took in 1998 to grow ACE into a global powerhouse. During the year ACE bought the Westchester Speciality Group to create ACE USA, bought Bermuda-based CAT Ltd., and bought Lloyd's of London underwriter Tarquin Ltd. By the close of the year he had initiated the purchase of Cigna's worldwide property and casualty operations for $3.45 billion.

Mr. Reiss is widely hailed as one of the founders of the captive insurance industry. He is credited with helping make Bermuda the largest captive domicile in the world. In 1962 he founded International Risk Management Ltd.

in Bermuda through an Act of Parliament. In 1972 he formed the captive-of-captives facility known as Hopewell International. The combined companies were the first established captive organisation.

Mr. Reiss coined the term "captive'' to describe a company that insured only the risks of its parent. After receiving his award from Business Insurance publisher Kathryn McIntyre, Mr. Duperreault said he expected Bermuda's innovative approach to insurance will continue.

"I think this is the beginning of the golden age of Bermuda as a locale,'' he said.

BUSINESS BUC