31 March 2015Services

Bermuda targets Canadian captives

The Bermuda Business Development Agency (BDA) is set to host a webinar aimed at highlighting the benefits of setting up on the Island.

The BDA has teamed up with local industry experts to host ‘Bermuda Captive 101’, setting its sights specifically on Canadian companies.

Registrants to the noon-time (Bermuda/Atlantic Standard Time) webinar on Thursday, April 9 will learn about regulatory, legal and tax issues relevant to the jurisdiction's captive insurance industry.

"This is our first BDA webinar, and it demonstrates the value of our public-private partnership—we really appreciate the voluntary work of our industry partners on this project to heighten the visibility of Bermuda's captive insurance business," said BDA business development manager Jereme Ramsay.

"Our end goal is to help create new captive formations on the Island. This particular webinar is aimed at CFOs and risk managers at companies in Canada, where we are working to develop new business in the insurance sector,” he said.

According to the BDA, Canadian interest in Bermuda as an international business centre, particularly for establishing captives, has increased since the Canada-Bermuda Tax Information and Exchange Agreement (TIEA) took effect in 2011, putting the Island on an equal tax footing with jurisdictions that hold tax treaties with Canada.

The bilateral agreement allows Bermuda insurance subsidiaries of certain Canadian corporations with international operations to be eligible for Canadian tax benefits, including the tax-free repatriation of certain dividends to Canada.

Joe DaSilveira, senior vice president, Liberty Mutual Management (Bermuda), will moderate the discussion.

Also taking part are Oceana Yates, vice president, captives, for R&Q Quest Management Services; Leslie Robinson, assistant director, corporate authorisations for the Bermuda Monetary Authority; and Mark Allitt, director, KPMG Advisory.

Other professionals on hand to offer live commentary and answer questions during the webinar include: David Gibbons, managing director, PwC; Butch Agnew, managing director, Dyna Management Services; and a team from HSBC Bank of Bermuda.

"We have an excellent panel of experts lined up for this event," said DaSilveira. "The webinar is a must for any Canadian executive curious or thinking about forming a captive."

The BDA plans to stage at least three more webinars on risk industry topics this year—targeting US, Latin American and healthcare sector audiences—building toward scheduled events and business development roadshows.

Ramsay said: "Webinars are an effective platform to reach a broad global audience with our message about Bermuda's benefits. We believe webinars will be a cost-effective way to generate leads and educate overseas companies and executives about the value of Bermuda to their business."