There is new interest in Bermuda from well-established Mexican companies, who are examining the potential role that island captives could have for their future insurance needs.

This, from a consultant with law firm Appleby, who said business interest in Bermuda is growing from Latin America and elsewhere.

A more than 30-year veteran, Eduardo Fox, said: “At the moment we are working with two very large Mexican companies about creating captives. But also we have trusts that form entities in Bermuda.

“We started the business with Latin America. I started to get involved in 1994. That was the around the time of the first Alarys Conference.”

The Asociación Latinoamericana de Administradores de Riesgos y Seguros (Latin American Association of Risk Managers and Insurance) conference was a biennial forum that brought together risk managers and reinsurance advisers from Latin America, Spain and Bermuda.

The trilingual conference was held on the island on three occasions. Alarys no longer has a stand-alone conference. The society formed a strategic alliance with the Risk & Insurance Management Society to elevate risk management in Latin America, with a formal signing at the Rims RiskWorld 2026 conference in Philadelphia.

Seeking insurance and other corporate solutions, several hundred Latin American companies now have local entities taking advantage of Bermuda’s stability and management expertise.

A senior central American executive with one such Panamanian company told The Royal Gazette the island’s total offering sets it apart for companies like hers.

Karen Dueñas, the chief financial officer of ASSA Compania de Seguros, has been working with Appleby in the management of their Bermuda captive, Lion Reinsurance Company.

AM Best has just recently affirmed the financial strength rating of A (Excellent) and the long-term issuer credit rating of “a” (Excellent) for Lion Re. The outlook of the ratings is stable.

Lion Re’s parent ASSA Compañía Tenedora is owned ultimately by Grupo ASSA, the financial services holding company publicly traded on the Panama Stock Exchange.

The Bermuda captive assumes affiliate risks for property, auto, civil liability, marine, group life, health and miscellaneous businesses.

AM Best recognises its “strongest” risk-adjusted capitalisation and high balance sheet strength.

Ms Dueñas noted: “We are a part of a very large Central American group that provides insurance opportunities for sorts of insurance, life, P&C. We insure our own risks because we know it is good risk.

“We use Bermuda as an opportunity to make sure we take in our own risk, and we are managing properly. Because of Bermuda we have been able to learn a lot (including) how to manage solvency.”