Bermuda is actively pursuing the opportunities created by captive owners intending to re-domicile from other centres.
This is according to the Bermuda Business Development Agency (BDA) which added that at the 24th annual World Captive Forum, held in Boca Raton, Florida earlier this month, a number of Latin American attendees had made inquiries.
Jereme Ramsay, the BDA’s business development manager for the risk sector, said: “We had several inquiries from Latin American audiences at this conference and also an uptick in interest from captives based in other jurisdictions.
“Captive owners were ‘shopping around,’ some with the intent to re-domicile from other centres, so it was really important that Bermuda was there. We are now actively pursuing these windows of opportunity.”
Of particular interest to the BDA were numerous attendees from Latin America—an expanding market that is increasingly driving more business to the Island, especially captive insurance companies.
A 20-member delegation led by the Bermuda BDA represented the Island at the conference, joining more than 330 delegates at the four-day event.
Bermuda hosted a welcome reception, operated an information booth, and showcased industry experts from the Island who were active as guest speakers and participants in roundtable and panel discussions on the captive business.
“Bermuda’s remarkable presence was noted on several occasions by delegates,” said Ramsay. “People frequently visited our booth to speak with local service providers and regulatory officials, and a lot of networking was done. It was good for Bermuda—having so many representatives there put the Island at the top of delegates’ minds.”
Bermuda, World Captive Forum, BDA, North America, Latin America, Jereme Ramsay, Insurance