27 April 2016Actuarial & underwriting

New BIMA president aims to promote Bermuda's captive industry

Grainne Richmond, who has been appointed as the new president of the Bermuda Insurance Management Association (BIMA), says she will use the opportunity to ensure a strong future for Bermuda’s captive industry.

Richmond, vice president of Dyna Management Services, a Bermuda-based insurance management company, takes over the role from Robert Paton.

Paton, executive vice president at Aon Risk Solutions, served a two-year term as BIMA president.

Richmond said: “The role of president is a great responsibility, but also a great opportunity to continue working with government, the regulator, and a wide range of industry bodies to assist in ensuring a strong future for the Bermuda captive insurance industry.

"I am very honored to be elected president of BIMA and acknowledge the important trust the executive and membership have placed on me in appointing me in this role. Thank you, also, to Rob Paton, whose dedicated work over the past two years have served BIMA well.”

A chartered accountant, Richmond has worked in accounting and insurance since 1996. She joined Dyna in 2011, having previously worked in Bermuda in the area of captive insurance management and fund administration. Her prior experience includes positions with Artex Risk Solutions (Bermuda) and International Advisory Services (now Marsh IAS). Previously, she worked in Ireland with PriceWaterhouseCoopers and Deloitte.

Richmond added: “I look forward to continuing and building on the great work and initiatives started by my predecessor, Rob, including working with BIMA membership and liaising with the BMA on initiatives impacting the captive industry, both here in Bermuda and abroad.

“We’ll also be lending support to the Bermuda Business Development Agency (BDA) on jurisdictional advocacy overseas, helping to spread the message that ‘Bermuda is Different’—that Bermuda is a blue-chip domicile known for robust regulation, transparency and compliance."

The new BIMA president also said she hopes to inform and educate people on the island about the important role the captive insurance industry has in Bermuda—and encourage more young Bermudians to step into this space.