FairFax Financial Holdings Ltd named Insurance Hall of Fame Laureate / (Image - Ivey Business School at Western University)

The International Insurance Society (IIS) has recognized Prem Watsa, founder, chairman, and CEO of Toronto-based Fairfax Financial Holdings Limited, as the 2024 Insurance Hall of Fame Laureate, in acknowledgment of his profound contributions to the insurance industry. 

IIS is a global not-for-profit organization committed to advancing the understanding of insurance and risk management. The official ceremony honoring Watsa will be held on November 17, 2024, at the Hyatt Regency Miami, coinciding with the commencement of the Global Insurance Forum, which will run from Nov.17-19.

Josh Landau, president of the IIS, emphasized Watsa's enduring legacy, stating, “Watsa is a visionary leader whose wisdom and foresight have left an indelible mark on the financial landscape in Canada and across the globe."

Prem Watsa's distinguished career spans over four decades, marked by strategic leadership in investment management. In 1984, he co-founded Hamblin Watsa Investment Counsel Ltd. and subsequently transformed a small Canadian insurance company into Fairfax Financial, a globally recognized holding company listed on the Toronto Stock Exchange.

Under Watsa's guidance, Fairfax Financial has achieved remarkable success through fair and friendly acquisitions, prioritizing underwriting profitability and total-return value investing. Beyond his corporate endeavors, Watsa is actively engaged in philanthropy, serving on the boards of prestigious institutions and earning accolades such as the Order of Canada and the Padma Shri.

Born in Secunderabad, India, Watsa pursued education at the Indian Institute of Technology Madras (IIT-M) and later earned an MBA from the University of Western Ontario.

The Insurance Hall of Fame, established by the IIS, celebrates leaders who have significantly influenced the insurance sector, promoting innovation and visionary thinking that underscores the critical role of insurance in global security. 

Nominees for the honor are selected through a rigorous process involving submissions by IIS members and evaluation by the IIS Executive Council, composed of senior insurance executives and academics. Notable recent laureates include Chang-Jae Shin, Larry D. Zimpleman, A. Greig Woodring, and Shuzo Sumi.