Bermuda hosts the captive insurance world
Bermuda is on display this week to hundreds of visiting professionals in the global captive insurance market, many of whom have brought their families to enjoy the Island while they are getting down to business at the Bermuda Captive Conference at the Fairmont Southampton Resort.
The event will be opened this afternoon by Bermuda’s new Premier Michael Dunkley in one of his first official functions.
The conference gets down to business almost immediately after that with an opening round-table discussion including Finance Minister Bob Richards and moderated by the president of the Bermuda Insurance Management Association, Robert Paton.
Other panellists include Bermuda Captive Owners Association chairman William Montanez, the director of risk management at Bermuda client and captive owner, Ace Hardware Corporation.
Carolyn Snow, president of the Risk and Insurance Management Society (RIMS) and Shelby Weldon, director, insurance licensing and authorisation, Bermuda Monetary Authority, round out the panel.
Later, in a popular session entitled “Global Market Outlook”, Henk Potts, director of global investment strategy, Barclays Wealth and Ryan Wang, US economist, HSBC Securities, share their opinions on the global financial and economic outlook.
BCC president Thomas McMahon — a captive manager himself as president and shareholder of Cedar Management Ltd — will introduce the Premier and chair the conference.
He said: “This is the tenth year of the Bermuda Captive Conference, which has grown tremendously from its early beginnings. We are expecting a record number of delegates and an educational and exciting event this year.”
One of the most popular sessions will be the Tuesday morning fare, “Market Industry Speaker — Where Are the Women?” in which Hamilton Insurance Group chief executive officer Brian Duperreault takes a look at the status of women in executive positions in the insurance and reinsurance sector.
The event, which closes on Wednesday night with a reception, dinner and fireworks at the Fairmont Southampton, features business sessions this morning which consist of pre-conference tutorials introducing “newbies” to the captive concept and the Bermuda domicile — in English, Spanish and Brazilian Portuguese.
Even earlier this morning, the conference golf tournament will be held at the Riddell’s Bay Golf & Country Club, while non-golfers embark on an intriguing, narrated, 5.8-mile walk from Fort Scaur to the Clock Tower in the Dockyard.
The BCC has scheduled an intensive series of educational sessions throughout Tuesday and Wednesday on all aspects of the captive industry, but also sessions that showcase the Island’s insurance and reinsurance markets.
Many of the sessions will allow attending delegates to claim educational credits for their continuing industry education.
A new wrinkle this year is the number of Bermuda businesses who are welcoming all conference delegates and their families with promotional discounts at their establishments, including restaurants, golf courses, spa and the Aquarium.
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