Bermuda’s captive industry is attracting more Bermudians than ever, but remains interested in attracting more.

Séadna Kirwan, managing director, Aon Bermuda, who will continue as chairman of the Bermuda Captive Conference into next year, said that one avenue for this transition would be to get more Bermudian accountants.

Mr Kirwan was speaking to The Royal Gazette, as the 22nd annual event got under way at the Hamilton Princess & Beach Club. Aon returns as platinum sponsor.

Global captive insurance leaders have gathered for education, networking, and strategic discussions. The nearly 600 delegates include captive owners, captive managers, risk managers, brokers, service providers and other corporate executives.

The BCC has noted that the Bermuda captive domicile is not a straight up comparison with other domiciles, in that local statistics do not include the individual cells of captives.

The BCC website points out: “Additionally, the Bermuda Monetary Authority has stated in its annual report that there are about another 100 companies licensed as small commercial insurers in Bermuda that might be classified as captives in other jurisdictions.

“This means that while the raw numbers might appear lower, they don't fully represent the activity and scale of the market.”

Mr Kirwan sees Bermuda captives opening new pathways for growth and diversification, empowering organisations to advance their risk strategies and gain further uses for their captives.

He said: “Bermuda is still a leader in this business. There is a lot of competition out there, but competition is good. Competition makes everyone stay focused and Bermuda has responded to that competition really well.

“I still think there is no other jurisdiction in the world that has some of the strengths and benefits that Bermuda has. The interplay of industry, the [Bermuda Monetary Authority’s] regulatory perspective and then the government.

“It’s critical to what has always made Bermuda a success. That integration continues today and so I think that absolutely Bermuda maintains its seat at the top table and are proud to do so.”

Apart from the educational sessions in the Harbourview Ballroom, the conference also hosts an exhibit hall in the Princess Ballroom.