The award, to be presented at this year’s Bermuda Captive Conference in September, is named in honour of Fred Reiss, a pioneering Ohio engineer who conceived the idea of self-insurance, by which corporations could manage their own risks through a dedicated subsidiary.
Burns, a former senior partner, executive board member and global group general counsel of Appleby, now runs his own consultancy, advising clients on local and international business matters.
He has also led several corporate law reform initiatives on behalf of the Bermuda Insurance Management Association and the captive sector.
Conference chair David Gibbons said: “Michael Burns has made a very impressive contribution to Bermuda’s corporate landscape over many years. In particular, the Lifetime Achievement Award highlights the innovative work he has carried out to forge progressive change to benefit our captive insurance industry and Bermuda’s whole marketplace for years to come.”
Commenting on the award, Burns added: “I’m humbled and delighted to have been selected to receive this award from the Bermuda Captive Conference.”
“The Bermuda market’s forward momentum is the product of collective effort and collaboration among many of our industry fellows and partners. I am pleased to accept the award on behalf of all those—captive managers, clients and colleagues among them—upon whose efforts, creativity and continued collaboration the future of the vital captive sector depends.”
The conference launched the award last year to celebrate the collaboration of outstanding captive insurance industry professionals. Last year, Jill Husbands, former chair and managing director of Marsh IAS Management Services Bermuda, was selected as the winner.