Prem Watsa Named 2024 Insurance Hall of Fame Laureate

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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“As the 2024 Insurance Hall of Fame Laureate, Prem Watsa's legacy of excellence, ingenuity and integrity continues to inspire future generations in the #insurance industry and beyond." - Josh Landau, President, International Insurance Society