A team of industry experts, led by the Bermuda Business Development Agency, heads to Vancouver and Toronto this week to raise awareness about the value of captive insurance to Canadian corporations.

The team visits Vancouver, BC, on Monday and Tuesday, holding an Executive Forum on Bermuda Captive Insurance Solutions on the second day to offer insurance buyers, risk managers and financial executives an opportunity to learn more about the captive benefits Bermuda offers as a blue-chip international financial centre.

The group will also visit Toronto, on May 11 and 12 to meet with industry service providers. Captive insurance, or self-insurance, allows global corporations a cost-effective way to efficiently manage today’s complex risks, including healthcare and cyber-risks, as well as enterprise risk management.

“This initiative is part of BDA’s ongoing effort to proactively raise awareness about Bermuda’s sophisticated captive insurance market,” said BDA business development co-ordinator Mark Darko. “We’re looking forward to hosting our first forum in Vancouver, as well as revisiting established contacts in Toronto. Trends indicate that not only larger corporations, but also medium-sized businesses, are benefiting from self-insurance.”

Tuesday’s Vancouver forum is scheduled for 8.30am to noon and features two sessions: the first, Captive Solutions & Strategies, explains what a captive insurer is, how to structure a captive, key reasons to set up a captive, along with common risks insured, citing several case studies. A second session focuses on regulatory, and tax and legal frameworks.

“I’m pleased to be endorsing insurance captives as commanding vehicles for comprehensive risk coverage and financial proficiency for businesses,” said Richard Daley, president, JLT Insurance Management Bermuda. “We’ll be highlighting Bermuda as the leading domicile of choice within captive insurance services and I am confident that our industry professionals will provide profound market knowledge to this event.”

Along with Daley, industry speakers include Eric Bretson and Umer Islam of EY; Christiane Kenny-Post of ASW Law; Choisel Murray, of Aon Bermuda; Mike Parrish of Marsh IAS Management Bermuda; David Platt, former risk manager of EnCana; Leslie Robinson of the Bermuda Monetary Authority; and Mike Weiss of Liberty International Underwriters.

“I am excited to be part of this BDA delegation,” said Mr Islam.

“The Vancouver forum will be an excellent opportunity for that region’s industry players and service providers alike to learn more about captive solutions and the significant value Bermuda offers as the world’s number-one captive insurance jurisdiction.”

Bermuda’s captive insurance market is the global leader, with close to 800 companies generating more than $55 billion in annual gross written premiums.

The presence of commercial insurance and reinsurance companies on the island allows captive owners and operators to access open-market underwriting capacity not found in other captive domiciles, making Bermuda a one-stop-shop. Notably, captives are also increasingly popular tools for wealth preservation and succession planning for HNWIs and family offices.

There is no cost to attend the half-day forum in Vancouver.