Business leader Donald Kramer is this year’s entrant into the Insurance Hall of Fame.

Mr Kramer, the chairman and chief executive officer of Bermuda-based ILS Capital Management, won the award from the New York-based International Insurance Society.

Veteran industry professional Mr Kramer, 77, founded ILS Capital Management in 2011.

He previously founded Ariel Holdings Ltd and its subsidiary Ariel Re, and served as CEO.

He also founded Tempest Re, which was taken over by Ace, and he then served as vice-chairman of Ace and non-executive chairman of Assured Guaranty.