Bermuda Business Development Council (BBDC) board member Lawrence Bird told Captive International that the domicile's absence from the Vermont Captive Insurance Association Conference does not indicate a strategic shift or change in priorities.
According to Bird, captives can expect an even greater focus from the newly created BBBDC. He said: “with the combining of the various marketing groups in Bermuda so that they fall under the wing of the new BBDC, all areas of international business can expect a greater focus. In terms of marketing our vital captives market, we have many representatives from usually competing service providers working together to come up with yet more innovative ideas for our industry and to target new and existing markets.”
He continued: “the returns are already being seen with new captive formations and re-domiciliations to Bermuda. This tremendous collaboration amongst service providers and peers show well that whilst Bermuda may still be the largest captive domicile by far, we are not complacent and are determined to remain ahead of the field in this industry sector.”