BBDC: 3 new South American captives formed during conference
Bermuda’s recent outreach to the Latin American market has led to the formation of three new captives from the region — one each from Brazil, Colombia and Peru.
Commenting on the record attendance at this month’s Bermuda Captives Conference, Lawrence Bird, Bermuda Business Development Corporation board member said: “We are very pleased to have provided financial support and additional resources to an event that was very well run and very much focused on providing valuable access to Bermudian captive service providers as well as information which leads to new business formation.
“The attendance at the conference also creates additional economic growth in our hotel and tourism sector and in this case resulted in more than 720 room nights at the Fairmont Southampton.
“We also welcome the positive news that there were three new Captives formed from South America — a market that is vibrant and growing and that Bermuda is actively targetting for development.”
The Bermuda Insurance Management Association (BIMA) along with The Bermuda Captive Conference Committee’s annual Bermuda Captives Conference took place at the Fairmont Southampton from June 10 through to June 12. It’s supported by BBDC, the insurance/reinsurance industry, the international business community, Government and the Bermuda Monetary Authority.
“The Bermuda Captive Conference boasted more than 650 registered participants from more than 10 different countries who heard perspectives from high-level speakers from the Government of Bermuda, the Bermuda Monetary Authority and the reinsurance and captive insurance industry,” a BBDC statement said.
“They included the Hon Craig Cannonier, Premier of Bermuda; the Hon ET (Bob) Richards, Minister of Finance; Craig Swan, Managing Director, Supervision at the Bermuda Monetary Authority; Stephen Catlin, Chief Executive and Deputy Chairman, Catlin Group; Bradley Kading, Director of the Association of Bermuda Insurers and Reinsurers and Peter Zaffino, Chairman and CEO of international insurance broker and risk adviser, Marsh Inc.
“Additional sessions over the three-day conference highlighted cost-efficient captive management strategies; corporate governance issues; Special Purpose Insurers and Insurance-Linked Securities; US healthcare reform implications and opportunities for captives; trends in regulation and tax updates; and understanding the Latin American market.”
The statement continued, noting Bermuda’s outreach efforts to the Latin American market over the past six months and at the conference generated “notable attendance from that region and resulted in three incorporations of new captives from South America during the conference — one each from Brazil, Colombia and Peru”.
For the first time ever, the Bermuda Captive Conference provided translation service into Spanish and conducted several sessions in Spanish for attendees, which BBDC says was very well-received.
“Bermuda is the leading captive jurisdiction in the world today and we intend to extend that market leadership through continued efforts to serve our existing clients, while engaging new markets like Latin America,” said Peter Willits, chairman of the Conference.
“We are very pleased with the record attendance at the conference and the support of the BBDC, government officials, regulators and industry. In a highly competitive marketplace, we know that attention to detail, providing real and actionable information and focusing on our customers and clients is essential. By all measures of feedback and our surveys, this conference did that very well.”
The conference had 45 exhibits from companies and service providers to the Captive industry, which encouraged additional business development discussions between participants and conference sponsors.
The Bermuda Captive Conference conducted a confidential survey of participants which yielded a very positive response and included strong affirmation that the engagement of Bermuda’s reinsurance business with its captives business created a much more comprehensive view of the value and benefits of the jurisdiction. In addition, the participation and active support of the Government of Bermuda and its regulators led to a view that Bermuda was active and welcoming of additional business to the jurisdiction.
Separately, the Bermuda Captive Conference has announced that it will host its next conference “Excellence in Global Risk Financing” on June 2nd through June 4, 2014 at the Fairmont Southampton Hotel. Additional information can be found at the aforementioned website.