Bermuda to honour nearly 140 captives
Captives that have been domiciled on Bermuda for more than 25 years will be honoured at this year’s Bermuda Captive Conference (BCC).
Speaking to Captive International, Stewart Ritchie, director of assurance at PwC and chair of the BCC’s marketing subcommittee, explained that the captives are being honoured for their support of the Bermudian economy.
“The idea of a hall of fame for captives was the brainchild of the BCC’s sub-committee three years ago. We were looking to find a way of recognising the companies that operate in Bermuda and have done for quite some time,” he said. “When I took over the role of chair, it was definitely a priority to put this idea into practice.”
At the BCC, which takes place June 8-10, 2015, 138 captives will be recognised and those represented in person will be presented with certificates by Bermuda’s Premier Michael Dunkley.
Captives being inducted into the hall of fame include: Miller Insurance (30 years), Glaxosmithkline Insurance (36 years), The Standard Club (45 years) and Global Assurance (26 years).
Ritchie said: “This year we recognised every captive over 25 years. In the future, we’d like to continue this and are planning to recognise some other milestones for captives. I hope that others on the Island look at what we’re doing and believe this is a good initiative. It would be great to see other companies recognised for their contributions to Bermuda.”
He added that the re/insurance industry on Bermuda is largely based on the knowledge stemming from the captive industry.
“The captive industry that flourished in Bermuda has led to the Island becoming a top re/insurance domicile which is able to attract global re/insurers. There are over 800 active captives in Bermuda and there’s a huge service organisation that goes along with this, supporting a large number of jobs,” said Ritchie.
