Prem Watsa Named 2024 Insurance Hall of Fame Laureate
April 18 2024 - 7:34AM
Business Wire
The International Insurance Society (IIS) has named Prem Watsa,
the Founder, Chairman and CEO of Toronto-based Fairfax Financial
Holdings Limited, the 2024 Insurance Hall of Fame Laureate. Mr.
Watsa will be formally honored at an awards ceremony on Nov. 17,
2024 at the Hyatt Regency Miami. The awards ceremony kicks off the
Global Insurance Forum, running from Nov. 17-19, 2024.
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Prem Watsa, the Founder, Chairman and CEO
of Toronto-based Fairfax Financial Holdings Limited, has been named
the 2024 Insurance Hall of Fame Laureate by the International
Insurance Society. (Photo: Business Wire)
The Insurance Hall of Fame recognizes leaders who have made a
broad, encompassing, and lasting contribution to the insurance
industry. They are recognized by their peers as innovators and
visionaries that inspire others to recognize the crucial role
insurance plays in meeting the security needs of a global society.
Nominees for the Insurance Hall of Fame are submitted by IIS
members and evaluated for selection by the IIS Executive Council, a
body of senior insurance executives and academics. Recent Laureates
include Dr. Chang-Jae Shin of Kyobo Life, Larry D. Zimpleman of
Principal Financial, A. Greig Woodring of RGA, and Shuzo Sumi of
Tokio Marine Insurance.
With a distinguished career spanning over four decades in
investment management, Mr. Watsa has solidified his reputation as a
visionary leader in the financial sector. Born in Secunderabad,
India, he pursued his education at the Indian Institute of
Technology Madras where he graduated with a degree in chemical
engineering. Later, he earned an MBA from the University of Western
Ontario. After starting his career at Confederation Life, Mr. Watsa
ventured into entrepreneurship by co-founding Hamblin Watsa
Investment Counsel Ltd. in 1984. The following year, he
orchestrated the acquisition of a small Canadian insurance company,
transforming it into Fairfax Financial, a holding company listed on
the Toronto Stock Exchange that has achieved remarkable and global
success under his leadership. Through fair and friendly
acquisitions, Fairfax has grown into a leading global commercial
lines insurance and reinsurance group through a dual focus on
underwriting profitability and total-return value investing.
Fairfax Financial continues to thrive, staying true to its
founding principle of fair and friendly acquisitions based on the
golden rule Mr. Watsa follows of “treating others as we would like
to be treated ourselves.” Since its inception, Fairfax has been
focused on the long-term view rather than short-term earnings to
the benefit of all shareholders.
Beyond his corporate endeavors, Mr. Watsa remains deeply engaged
in philanthropy and community service. He serves on the boards of
several prestigious institutions, including The Hospital for Sick
Children and is the President of the Horatio Alger Association of
Canada. In recognition of his contributions, he was appointed as
the ninth chancellor of the University of Waterloo in 2009, named a
Member of the Order of Canada in 2015, and awarded the Padma Shri,
the fourth highest civilian award of India, in 2020.
“As the 2024 Insurance Hall of Fame Laureate, Mr. Prem Watsa's
legacy of excellence, ingenuity and integrity continues to inspire
future generations in the insurance industry and beyond,” says Josh
Landau, President of the International Insurance Society. “Mr.
Watsa is a visionary leader whose wisdom and foresight have left an
indelible mark on the financial landscape in Canada and across the
globe.”
About International Insurance Society
IIS is a diverse and inclusive platform for all stakeholders of
the global insurance and risk management community, providing
knowledge, research, thought leadership and connectivity to support
the betterment of society. Founded in 1965, IIS is a global
not-for-profit organization that serves as a neutral platform for
active collaboration and examination of issues that shape the
future of the insurance industry. IIS is an affiliate of The
Institutes.
About The Institutes
The Institutes are a global not-for-profit comprised of diverse
affiliates that educate, elevate, and connect people in the
essential disciplines of risk management and insurance. Through
products and services offered by The Institutes’ nearly 20
affiliated business units, people and organizations are empowered
to help those in need with a focus on understanding, predicting,
and preventing losses to create a more resilient world.
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Colleen McKenna Tucker Executive Director, International
Insurance Society +1 212 277 5164
cmckenna@internationalinsurance.org