9 September 2022Reinsurance

BMS creates Alberta captive division

BMS has announced the launch of BMS Captive Insurance Services in Alberta, Canada.

The new division will provide captive insurance management and strategic advisory services to Alberta-based captive insurance and reinsurance companies. Once all necessary regulatory approvals are received, the division will serve as the foundation for the launch of BMS Canada’s Alternative Risk Financing (ART) business planning.

Consistent with the confidentiality and independence standards required of captive insurance managers, the new division will strictly adhere to ring-fence principles.

The company said that BMS Canada’s captive insurance services will take full advantage of the opportunities arising from new Alberta-specific legislation, which offers the potential for leveraging the total range of BMS’ specialty and global platforms. The planned captive insurance services include insurance company management, strategic and advisory services, governance and compliance audits, analytical and capital impact analysis, and transfer pricing validation.

Ian Matheson, non-executive chairman of BMS Canada, said: “With the amendments to the Insurance Act and the passing of the Captive Insurance Companies Act, Alberta is rapidly establishing its position as a vibrant and welcoming hub for insurance activity. It is gratifying to be able to work alongside my peers in the task force to continue to develop Alberta’s insurance expertise as well as to attract new business into the region.”

“Given market conditions, many organisations who need insurance remain under-served,” said Brian Gomes, president & chief executive of BMS Canada. “Now this new legislation has entered into law, it will help address that gap, expanding the range of insurance options for businesses in the region. To ensure companies are able to fully take advantage of this, BMS Captive Insurance Services will be on hand to provide clients with the specialist knowledge they require to set up, manage and optimize a captive arrangement.”