8 May 2017Analysis

Bermuda to raise captive awareness in Canada

Captive specialists within the Bermuda Business Development Agency (BDA) are heading to Vancouver and Toronto to raise awareness about the value of captives to Canadian corporations.

The BDA are hosting an executive forum on Bermuda Captive Insurance Solutions between May 8-9 to offer an opportunity to learn more about the captive benefits Bermuda offers as a blue-chip international financial centre. The group will also visit Toronto on May 11–12 to meet with industry service providers.

“This initiative is part of BDA’s ongoing effort to pro-actively raise awareness about Bermuda’s sophisticated captive insurance market,” said BDA Business Development Coordinator Mark Darko. “We’re looking forward to hosting our first-ever forum in Vancouver, as well as revisiting established contacts in Toronto. Trends indicate that not only larger corporations, but also medium-sized businesses, are benefiting from self-insurance.”

The Vancouver forum is scheduled for 8:30am to noon and features two sessions: the first, Captive Solutions & Strategies, explains what a captive insurer is, how to structure a captive, key reasons to set up a captive, along with common risks insured, citing several case studies. A second session focuses on regulatory, and tax and legal frameworks.

“I’m pleased to be endorsing insurance captives as commanding vehicles for comprehensive risk coverage and financial proficiency for businesses,” said Richard Daley, president, JLT Insurance Management Bermuda. “We’ll be highlighting Bermuda as the leading domicile of choice within captive insurance services and I am confident that our industry professionals will provide profound market knowledge to this event.”

Along with Daley, industry speakers include Eric Bretson, partner, international tax, EY; Umer Islam, executive director, EY Bermuda; Christiane Kenny-Post, corporate manager, Consultant Compass Administration Services, ASW Law; Choisel Murray, assistant vice president, Business Development, Aon Bermuda; Mike Parrish, senior vice president, Marsh IAS Management Bermuda; David Platt, former risk manager, Encana; Leslie Robinson, assistant director, Department of Licensing & Authorisations, Bermuda Monetary Authority (BMA); and Mike Weiss, senior vice president, Liberty International Underwriters.