22 July 2014Bermuda analysis

Bermuda and LatAm strengthen business ties in Colombia

A delegation of leading Bermuda captive industry executives attended the Multi Latina Risk Management Conference in Cartagena, Colombia on July 7th through to July 9th, 2014.

The Bermuda BDA, along with a number of leading industry representatives, attended the conference to build on the impressive number of new Latin American captives incorporated in Bermuda in 2013, as part of the island’s ongoing strategic initiative to source new business opportunities in the region and drive captive formations to the Island.

The conference, hosted by Pageant Media, boasted record numbers from a targeted group of high-level executives, decision-makers and risk managers from large corporations headquartered throughout the LatAm region, including: Colombia, Chile, Peru, Uruguay and Panama. Bermuda’s competitive advantage was on full display at the event, as the only domicile invited to attend.

The Bermuda delegation also led multiple panel discussions and roundtables whereby industry representatives showcased their extensive knowledge in captive formation; domicile selection; tax effectiveness; risk management solutions; and Bermuda’s regulatory framework.

Bermuda’s long-standing reputation as the most reputable, oldest and largest captive domicile, with a high standard of supervision and transparency, has been a key driver of new business to the island and continues to distinguish Bermuda as the domicile of choice for captives.

Bermuda’s presence was strengthened further by Robert Geraghty, business development leader of Marsh Bermuda Limited and Thomas Kelly, managing director of KPMG Bermuda, who led the audience through the various steps that must be contemplated when establishing a captive. Delving into the importance of selecting a domicile, both Robert and Thomas, discussed the benefits of Bermuda, which offers full suite solutions for managing complex risks and providing real risk management solutions.

Thomas Kelly noted: “Over the recent couple of years, Bermuda has had a very good run in Latin America. The number of new incorporations has been very rewarding and clearly demonstrates that Bermuda is the domicile of choice. We also noted a significant number of attendees from Latin America at the Bermuda Captive Conference in June this year, which we took as a very encouraging sign. When you add these two indicators to the very receptive and engaged audiences over the week-long visit to Colombia, the clear signal is to continue to create the momentum in Latin America.”

Bermuda also enjoyed the testimonial of Gabriel Rueda, general manager of Rueda y Barrera, based in Bogota, Colombia and a Bermuda client for over 10 years, through their Captive and SAC companies, who spoke on his experience with forming and running a captive in Bermuda. Rueda emphasised the importance of selecting Bermuda as a domicile because of its extensive history and expertise.

The BDA’s Latin American Committee continues to work with local ambassadors to build relationships with the Latin American region, focusing on raising Bermuda’s profile and showcasing all the Bermuda market has to offer.