I_fleur_Shutterstock.com_2353057739
1 June 2024NewsAnalysis

FORTY under 40: Bron Turner

Bron Turner, Partner, KPMG Bermuda 

Bron Turner has more than 14 years of experience, including over a decade in the Bermuda financial services market, specifically banking, re/insurance and captives.

Turner has a proven track record in leading multi-location audits and has significant experience leading audits of financial statements prepared in accordance with US GAAP, IFRS and Bermuda statutory requirements

Turner’s clients depend on him for his strong technical skill and insight, which is why he has had the opportunity to work with the firm’s key audit clients on complex issues and structures across multiple jurisdictions. He takes a holistic view of his clients and maintains an awareness of their business imperatives. Clients appreciate his passion, clear communication style and hands-on, pragmatic business approach to his work.

How did you become involved in captive insurance?

In 2013, I started my career in captive insurance as a senior accountant. My first audit was for a mutual captive that provided workers’ compensation and general liability coverage. I’ve had the opportunity to work on several audits for captives of large multinational organisations. These organisations were headquartered around the world, wrote a variety of insurance lines and managed significant investment portfolios.

"The field of insurance demands a high level of technical expertise in both accounting and insurance principles."

What are the biggest challenges of working in this industry, and what do you find most rewarding?

Working as a partner in the audit insurance practice of KPMG comes with its unique set of challenges and rewards.

Challenges

Regulatory complexity: captives involve navigating through a complex regulatory environment. Keeping up with changing regulations and ensuring compliance can be demanding.

Risk assessment: assessing the risks associated with captive structures requires a deep understanding of insurance and financial markets. Identifying and mitigating these risks is crucial.

Client education: many clients may not fully understand the intricacies of the captive industry. As a partner, educating clients about the benefits, risks, and compliance requirements is essential but can sometimes be challenging.

Technical expertise: the field of insurance demands a high level of technical expertise in both accounting and insurance principles. Staying updated with evolving accounting standards and industry practices is necessary.

Rewards

Problem-solving: overcoming the challenges posed by regulatory complexity and risk assessment can be intellectually stimulating. Finding innovative solutions to complex problems is rewarding.

Client relationships: building and nurturing relationships with clients is a gratifying aspect of the job. Being a trusted advisor and helping clients navigate through their insurance needs fosters long-term partnerships.

Impact: being part of the captive insurance practice allows for significant impact within the industry. Assisting clients in optimising their risk management strategies and achieving their financial goals contributes to their success.

Professional growth: the dynamic nature of the captive insurance industry provides ample opportunities for professional growth and development. Continuous learning and exposure to diverse client portfolios enhance one’s expertise and marketability.

Would you recommend the captive insurance industry to young people as a future career path?

The captive insurance industry offers young professionals a dynamic career path full of challenges and rewards. It provides ample opportunities for growth, problem-solving, and client interaction. Young individuals can make a significant impact on the industry while continuously learning and developing their skills.

Captives offer a fulfilling career option where fresh perspectives are valued, making it an ideal choice for those seeking a dynamic and intellectually stimulating work environment.

What developments do you see ahead for captives?

Captives should leverage technology for enhanced risk management and decision-making. They’ll innovate with new risk transfer mechanisms and alternative structures to meet evolving client needs. Regulatory compliance will remain a focal point, driving companies to adapt while expanding globally to access favourable regulatory environments.

The future of captives lies in technological innovation, regulatory adaptation, and global expansion to serve as agile risk management partners.

Do you think your long-term future remains in the captives market?

The ongoing adoption of technology, innovation in risk transfer mechanisms, and the global expansion of captives all point to continued opportunities for growth and advancement within this sector. As captives evolve to meet the changing needs of clients and navigate shifting regulatory landscapes, there will be ample scope for professionals to contribute their expertise and drive positive change.

I believe that the captive insurance market holds exciting and interesting times ahead for a long-term career.

Did you get value from this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.