10 June 2019Analysis

Bermuda Captive Conference seeks to attract young people to captive industry

This year’s Bermuda Captive Conference has an increased focus on engaging young professionals looking to transition into the insurance industry, particularly captives, as part of its community outreach programme.

The conference has partnered with Bermuda’s Department of Workforce Development, Bermuda College, and local high schools to connect job-seekers and students to industry mentors. Two interactive session on Monday afternoon, moderated by conference keynote Tripp Crosby of YouTube fame and local comedian Nadanja Bailey, feature young professionals exploring how captives work.

“A lot of people in our community have lost jobs,” noted Leslie Robinson, head of the conference’s community outreach committee. “So, our focus this year is on youth and also adult learners who are looking to transition into the insurance industry. Captives have been around for close to 60 years—they’re a mainstay of the Bermuda market. We want to raise awareness about jobs offered in this industry, including those among service providers—the lawyers, accountants, auditors, actuaries, and compliance experts.”

Bermuda is home to nearly 740 captives, supporting primarily Fortune 500 corporations in the US and generating over $55 billion in annual gross written premiums.

Over the past few years, the conference explores community partnership initiatives to help give back to Bermuda. Last year, palliative care charity Friends of Hospice, was selected at the inaugural beneficiary.

This year, Big Brothers Big Sisters (BBBS) Bermuda, which provides supportive mentorship for at-risk children and teens on the island, has been chosen as the beneficiary charity for this conference.

“Community outreach is an increasingly important part of our conference, and we’re delighted Big Brothers Big Sisters Bermuda is our 2019 designated charity,” said Mike Parrish, chair of the conference. “We’ll support them with a donation of $5,000 and we have also welcomed them to attend our event, set up a booth in exhibitor area, fundraise, and generally highlight the valuable work they do. We see this as a way for the industry to give back to Bermuda.”

Beginning over 40 years ago, BBBS Bermuda is a mentoring programme dedicated to helping children and youth, many from single-parent homes, realise their potential. It matches those between the ages of five and 18 with adult mentors—a positive role model and friend. The programme currently helps more than 100 young people.