Bermuda is focused on maintaining internationally recognised regulatory standards that promote confidence, stability and transparency, Jason Hayward told delegates at the Bermuda Captive Conference.

The Minister of Economy and Labour said: “That balance between innovation and sound regulation remains one of Bermuda’s greatest strengths.”

He added that Bermuda’s position is supported not only by its regulatory framework and market infrastructure, but also by the people and partnerships that underpin the jurisdiction.

“It is not only our regulatory framework or market infrastructure that makes Bermuda successful,” Mr Hayward said.

“Just as importantly, it is the depth of talent, the quality of professional services, and the collaborative ecosystem existing between industry, regulators, government, and international partners.”

Mr Hayward also highlighted the growing role of captives as businesses face increasing uncertainty, including economic volatility, cyber threats, climate-related risks and geopolitical challenges.

“Globally, as organisations face growing uncertainty, from economic volatility and cyber threats, to climate-related risks and evolving geopolitical challenges, captives continue to play an increasingly important role in helping businesses manage risk strategically and effectively,” said Mr Hayward.

He said the market has consistently demonstrated its ability to innovate, including through new structures, support for emerging sectors and responses to global challenges with agility and expertise.

Mr Hayward also noted the importance of the conference as a platform for dialogue and collaboration.

He said Bermuda had developed its captive insurance sector over more than six decades, supported by expertise, innovation, regulatory quality and close collaboration across the sector.