Why BRIM 2027 matters to industry
Geralyn Edward, for BIBA, the Association for Global Business, focuses on governance, innovation, growth, three key reasons why BRIM 2027 matters for the global captive industry.
As captive insurers navigate an increasingly complex landscape with evolving regulation, emerging risks and heightened governance expectations, industry forums that encourage meaningful dialogue have never been more important.
For the seventh year, the Barbados Risk and Insurance Management (BRIM) conference will serve as one such event, bringing together regulators, captive owners, risk managers and professional advisers on March 18 to 19, 2027, at the Wyndham Grand Barbados Sam Lord's Castle Resort, to examine the issues shaping the future of the sector.
Hosted by BIBA, the Association for Global Business in Barbados, BRIM has grown into a leading Caribbean thought-leadership event. It provides a platform for exchanging ideas, exploring regulatory developments and identifying new opportunities for innovation in captive insurance and risk management.
When delegates gather for BRIM 2027, they will do so against a backdrop of significant change, both for Barbados and the international captive market.
Those changes are already strengthening Barbados’s position as a captive domicile. According to the latest business insurance rankings, the island has returned to the top five captive domiciles globally, placing it alongside Delaware and reaffirming its standing as one of the Caribbean's leading captive jurisdictions.
For Carmel Haynes (pictured), executive director of BIBA, that achievement reflects longevity and strategic positioning.
“We have room to grow by positioning Barbados as a hub for innovation as well as stability."
“Barbados offers a very strong mix of experience, regulatory credibility and accessibility,” she outlined. “Our over three-decade track record in captives, a strong professional services ecosystem, an extensive tax treaty network with over 30 jurisdictions and a reputation as a stable and well-regulated jurisdiction continue to make Barbados an attractive domicile for captive owners."
That appeal is particularly evident among Canadian businesses, where Barbados has long maintained strong commercial relationships. However, Haynes believes the island’s strengths extend beyond its established markets.
“We also have a very responsive Financial Services Commission (FSC) that is prepared to be flexible with new structures that might not yet be legislated for but can be accommodated once they meet all the necessary regulatory requirements.”
The combination of regulatory flexibility and strong oversight is becoming increasingly valuable as captive owners seek jurisdictions that can adapt to changing business models while maintaining international standards.
Importantly, the matter of governance has emerged as one of the defining themes shaping the future of financial services globally.
In his first major address as chairman of the FSC Sir Patterson Cheltenham underscored to the close to 300 attendees at BRIM 2026 the Commission’s commitment to strengthening governance across every sector it supervises.
“Whether pensions, insurance, securities or the credit union sector, strong governance is non-negotiable,” he said.
He outlined the Commission’s intensifying focus on prudent management and accountability while pursuing a comprehensive legislative reform programme designed to modernise Barbados’s financial services framework.
“We are not simply updating rules; we are seeking to fundamentally modernise the supervisory architecture of our financial services sector, making it more principles-based.”
Importantly, he noted that the Commission’s approach combines vigilant oversight with greater collaboration between regulators and industry, developing frameworks that are both flexible and resilient in an increasingly dynamic financial environment.
“We seek to fundamentally modernise the supervisory architecture of our financial services sector, making it more principles-based.”
It is important to note that those developments align with broader international regulatory trends that captive owners are watching carefully.
In this connection, Haynes points to Barbados’s transition towards a modern risk-based capital and solvency framework under the Insurance (Amendment) Act, 2025 as one of the jurisdiction’s most significant recent developments.
“It demonstrates that Barbados is keeping pace with international standards,” she explains.
She also notes the growing influence of international governance frameworks, including the OECD Guidelines on Insurer Governance and the G20/OECD Principles of Corporate Governance, which place greater emphasis on board accountability, enterprise risk management, internal controls and oversight of emerging risks.
“Taken together, these developments point to a regulatory environment that is becoming more robust, but also more relevant to today’s market.”
As BRIM 2027 draws near, these themes are expected to feature prominently as delegates explore how organisations can build greater resilience through effective risk financing strategies.
While property and casualty business continues to dominate Barbados’s captive sector, Haynes points to significant opportunities emerging in areas such as cyber risk, climate resilience, healthcare and employee benefits. She also believes segregated cell companies and group captive structures offer new opportunities to broaden access to captive solutions for organisations that may previously have viewed them as beyond reach.
"We believe we have room to grow by positioning Barbados as a hub for innovation as well as stability," she says, adding that growing interest from Latin America also presents new opportunities for expansion.
Sir Patterson has also challenged the island’s global business sector to become stronger ambassadors for Barbados as a financial services jurisdiction, encouraging the sector to promote the island with the same confidence and consistency that has helped establish Barbados as a globally recognised tourism destination.
Although Barbados has strengthened its global ranking, he cautions against complacency, stressing that continued innovation, collaboration and investment will be essential to maintaining competitiveness.
BRIM, since its establishing in 2021, has characterised the spirit of continuous improvement. Each year, the conference creates opportunities for regulators, policymakers, service providers and captive owners engage in practical discussions about the future of the industry, while building the relationships that support Barbados’s international reputation.
Haynes’ singular message from BRIM which continues to resonate – captives are no longer niche. “They are now a central part of how organisations think about resilience, risk and long-term strategy. For Barbados, the message is that we have both the experience and the ambition to be part of the global captive industry's future growth.”
This conversation will continue when BRIM 2027 convenes next March in Barbados. Alongside a programme featuring internationally recognised speakers and technical sessions, delegates will once again have opportunities to build relationships through networking events, including the popular pre-conference golf tournament.
BRIM, staged by BIBA, the Association for Global Business, has become much more than an annual conference; it has evolved into the must-attend forum where the conversations are shaping the future of captive insurance.
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