Bermuda committed to supporting captives
The Bermuda Government is committed to supporting the captive and broader insurance industry by maintaining a regulatory environment that fosters innovation, transparency, and stability and staying at the forefront of the industry by adapting to evolving needs and opportunities.
That was the message from Economy and Labour Minister Jason Hayward at this week’s Bermuda Captive Conference.
Hayward, who opened the 20th annual conference on Monday, highlighted Bermuda’s historical role in creating captives and the Island’s current 633 licensed captives with total assets exceeding $142 billion.
He praised the Bermuda Monetary Authority as key to this success in regulating the sector with a framework that meets Solvency II standards, ensuring high standards of transparency and compliance.
In addition to the island’s robust regulatory environment, Minister Hayward pointed to Bermuda’s well-established infrastructure of legal, actuarial and management services which provide captives with access to extensive reinsurance markets and a strong network of financial services.
Hayward, who opened the conference with BCC chair Tom McMahon, thanked the BCC for playing a crucial role in shaping dialogue, fostering collaboration, and driving growth in the captive insurance sector.
Acknowledging progress in Diversity, Equity & Inclusion (DE&I) McMahon said the panels of moderators and speakers were significantly more diverse than previous years with almost 40% of speakers being female including, for the first time ever, two all-female panels and 47% of speakers being non-white males.
McMahon also welcomed on stage Mitch Cantor, executive director of the International Center for Captive Insurance education (ICCIE), also celebrating their 20th anniversary. Cantor thanked the Bermuda captive insurance market for helping ICCIE thrive by referring students and Bermuda-based industry executives sitting on the Board and committees. Several of the BCC sessions offered credits for ICCIE courses.
McMahon announced inductees to the Captive Hall of Fame, launched in 2015, recognising the contribution the longest established companies and individuals have made to the industry. Bala Nadarajah was awarded posthumously with the Fred Reiss lifetime achievement award. Paying tribute was ASW colleague, Neil Horner and accepting the award was Bala’s son, Stefan Nadarajah.
Inductees for 2024 included the “class of 1999”: Bread Reinsurance Ltd., Sedgwick Bermuda AGI (SAC) Limited, S&S Reinsurance Ltd. Bluewell Reinsurance Company (Bermuda) Ltd. Palo Verde Insurance Company Ltd. Norfolk Reinsurance Company Ltd. Flagstaff Insurance Company Ltd. EmPro International Limited, Evergreen Insurance Company Limited, WYNDHAM Insurance Company (SAC) Artex Axcell PIC Ltd., Potomac National Security Reinsurance Ltd., Noah Insurance Company Ltd. Capstone Insurance Company Ltd. And Trinity River Insurance Co. Ltd.
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