Island group attends World Captive Forum
Seventeen executives from various Bermuda companies met this week in the California desert with US risk managers — some of whom are considering forming captive insurance companies on the Island.
Current market conditions have caused corporations across the US to consider alternative risk financing options — with captive insurance a key option under review.
The meetings were being held on the occasion of the 18th Annual World Captive Forum (WCF) in Indian Wells, California at the Renaissance Esmeralda Resort & Spa.
From Bermuda, law firms Appleby and Conyers, Dill and Pearman, brokers JLT Park and Kirkway International joined Captive managers Quest Management and Cedar Management, the Bermuda Monetary Authority and the General Motors Ltd. Bermuda captive, General International Ltd. at the spa resort in the shadow of the Santa Rosa Mountains. Also participating was a top tax specialist from PricewaterhouseCoopers (PwC) Bermuda.
The conference included booth exhibits and the Bermuda Market was represented prominently there by the Bermuda Insurance Development Council's (IDC) Insurance Information Office.
The World Captive Conference is produced by Bermuda's own Quest Management, leading insurance publication Business Insurance and Towers Perrin.
President of Quest, Nick Dove, led a panel discussion on how to get a captive insurance company formed, including some of the latest developments in the captive insurance world.
Chief underwriting officer for GM's General International, Brian Quinn, detailed how to develop a business case for using a captive for employee benefits.
PwC's Tax Services Partner, Rick Irvine, was a key speaker in a recommended session that dealt with the "hot topics" for captive insurance and also spoke authoritatively on segregated accounts companies in Bermuda and an increasing incidence of stand-alone captive insurers transforming into cell companies.
And Kirkway International president Michael Woodroffe focused on the state of the reinsurance markets in the wake of the recent financial market disturbance.
