16 June 2016Bermuda analysis

Collaboration between domiciles is best approach: CICA president

Trade associations representing different domiciles have much to gain by collaborating and investing in open dialogue and good relationships. This is according to Dennis Harwick, president of the Captive Insurance Companies Association (CICA), who was visiting the Bermuda Captive Conference this week. While associations and domiciles naturally compete for business and members, the power of being able to present a united front when the industry comes under pressure or is attacked by regulatory change is very helpful, he said. “Attending a conference like this is a great opportunity for me to talk to my peers in Bermuda and strengthen ties with some very influential people who I have the utmost respect for,” he said. “There will always be natural competition but I have always believed that a rising tide carries all ships. I have always found collaboration and communication a more productive way of doing business. I prefer to build partnerships so that when something threatens the industry we can figure out how to best respond together.” This philosophy has been crystalized in recent years with the formation of the Captive Association Leadership Council (CALC), which is comprised of all captive domicile associations some four years ago.  Harwick said when that was formed there was an initial wariness on the part of some members but that quickly evaporated “when they realised they speak the same language and share common concerns”. He said that while the past 12 months have been a relatively quiet period for the industry, CALC will come into its own when future challenges emerge.