Bermuda seeks opportunities in Canada

Bermuda will this week send a delegation of government, regulatory and industry representatives to Toronto, Canada, to strengthen ties between the two countries and explore new opportunities for bilateral trade and investment.

The delegation, led by Bermuda Finance Minister Curtis Dickinson, will take part in a one-day multi-industry forum hosted by the Bermuda Business Development Agency (BDA) on June 19.

The two countries are sure to discuss opportunities for Canadian companies to establish captives in Bermuda. Last week Jereme Ramsay, business development manager for risk solutions at the BDA, told attendees at the Bermuda Captive Conference there is a healthy pipeline of Canadian companies considering establishing Bermudan captives. Two were formed by Canadian companies last year and more are expected this year, he said.

Among the Canadian captives being formed in Bermuda could be the first to manage cannabis-related risks, with the drug having been legalised in Canada.

Ramsay said: “Bermuda has always been renowned for innovation and I think once we get one over the line it will set a precedent for others to follow. Many of the big captive managers are looking at this and it is only a matter of time before a deal gets done.”