14 December 2017Bermuda analysis

High profile captives figure joins board of BDA

The Bermuda Business Development Agency (BDA), which takes a lead role on Bermuda in the promotion of captives, has made some high profile changes to its board including the appointment of a well-known figure in the island’s captives community.

Shelby Weldon, a former director of licensing and authorisations at the Bermuda Monetary Authority (BMA) and more recently a senior manager in Marsh Management Services, joins the BDA as a director. In Marsh he is a senior vice president and team leader supervising finance and insurance managers.

Weldon said: "It's a great honour to join the Board of the BDA, and I'd like to thank my fellow directors for this opportunity. I have worked closely with the agency since its inception and have always been extremely supportive of its initiatives. I look forward to representing the insurance sector in general, and the captive insurance sector in particular, as we continue the BDA's important work of promoting Bermuda as one of the world's premier financial services marketplaces."

The BDA has also appointed a new chair in Paul Scope, chairman of Willis Towers Watson Bermuda (WTW). He succeeds Kiernan Bell. Stephen Weinstein, group general counsel for RenaissanceRe Holdings, has been appointed deputy chair. He takes over from David Cash.

Bell and Cash remain on the BDA board as independent non-executive directors.

Additionally, BDA directors Derek Stapley and original board chair Caroline Foulger have retired from the board; both have served the agency since its inception in 2013.

"I feel honoured to take up the chair of the BDA, and having been on the board since inception, I have seen first-hand the contributions of the previous chairs, Caroline Foulger and Kiernan Bell," said Scope.

"I want to follow their lead and continue to promote free thinking and positive mentoring from the Board level to BDA staff, and progressive promotion of the jurisdiction with accountability to our stakeholders. We thank Caroline and Derek for their dedicated service and wish them well in their future endeavours, which we're sure will continue to contribute to Bermuda's success.”