Bermuda needs to roll out the red carpet at home and abroad to attract new business, a major seminar on captive insurance heard yesterday.

And the key to attracting more business from the booming markets of Latin America is personal visits, as well as on-Island events like the recent ILS Convergence conference.

Eduardo Fox, a lawyer with Appleby and an expert in the Latin American region, said: “The business culture in Latin America is different — they want to see you there first.”

And he added that — if personal visits are made first “basically when you bring them in, that’s a clincher”.

But he said: “You have to go there to begin with — maybe road shows combined with different associations. If you show them you work for a team, Bermuda Inc., it really saves a lot of time.”

Mr Fox was speaking at the sixth annual update seminar on captive insurance, organised by professional services firm PwC at the Fairmont Hamilton Princess yesterday.

Mr Fox said that tax information exchange agreements signed with several Latin American countries and “advanced negotiations” with others like Chile and Colombia — which had recently excluded Bermuda from a 40-plus list of “tax havens” — helped the Bermuda brand in the region.

David Gibbons, PwC director of captive insurance, added: “Latin America is growing and we are ahead of the game in positioning Bermuda with local rules and regulations.”

And he said that Canadian interest in moving business to the Island was also increasing.

Mr Gibbons added: “And in spite of a shifting global tax environment, the US captive model works well and presents further opportunity. For captives professionals, the blossoming insurance linked securities (ILS) market provides for portability of skills typically found in the captives sector.

“In all of these areas, we must continue to be agile, proactive and innovative to attract new business and keep our existing base strong.”

Stephen Lund, CEO of the Bermuda Business Development Agency said the ILS Convergence meeting in Bermuda attracted “the right people at the right time at the right space”.

He added: “If we are going to learn anything from that it’s that you can be successful in your own territory.”

But he added: “Having the conference here is one part of it, but we have to have the same red carpet experience and the airport and at the hotels.

“We have to project Bermuda as a first-class domicile ... and it’s important that we know to follow up with some of these people.”

Mr Lund added: “Things that work best are a focused, one-on-one approach — that works best. What happens after the conference is what is more important, not what happens at the conference.”

And he warned that “holding a conference and seeing them once is not going to cut it”.

Arthur Wightman, insurance leader at PwC, added: “Despite the global economic malaise, Bermuda’s captive industry continues to demonstrate success.

“Incorporations are strong and industry leaders are increasingly agile in attracting business to the Island and affirming Bermuda’s leading value proposition.”

Mr Gibbons said that pressure on offshore jurisdictions had grown as countries around the world struggled with the recession and “governments look for more revenue — offshore jurisdictions continue to be a subject for debate”.

Leslie Robinson of the Bermuda Monetary Authority (BMA) added: “Bermuda continues to be faced with increased pressure for regulatory standards and not just Bermuda, but all jurisdictions around the world.”

But she added it was crucial that the Island “remains proportionate, that we remain pragmatic and that we continue to consult the industry — that’s important.”

Ms Robinson said: “Bermuda utilises a risk-based approach to regulation so we feel we have a practical regulatory environment.”

And she added that the BMA would “continue to monitor international standards and adjust accordingly”.