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PwC: growing interest in captive formations

The impact of Covid-19 and new opportunities for captives will be among topics of discussion at the Bermuda Captive Conference 2020 next week.

The three-day conference begins on Wednesday, and is Bermuda's largest and longest-running industry event. Due to the Covid-19 pandemic it is being held as a free, virtual conference for the first time.

This year's theme is “Vision”, and the agenda has been developed to give a forward-looking view of the market.

David Gibbons, captive assurance leader, PwC Bermuda, said: “Bermuda is home to more than 700 captive insurance companies and remains the world's leading captive domicile. PwC is pleased to once again sponsor and play a leading role in the Bermuda Captive Conference.

“While it is disappointing of course that we cannot meet and connect with each other in person this year, more than 500 professionals are registered for the virtual event and the line-up and calibre of speakers this year is excellent. This format also allows captive professionals to view and re-watch the informative sessions from the comfort of their home office.”

He added: “One impact of Covid-19 is the increasing interest we are seeing in the uses of captives and how captives can add value. We were already seeing significantly increased interest in captive formations at the start of the year as insurance/reinsurance rates rose. The impact of Covid-19 and the ability to write bespoke cover through a captive has only added to this interest.”

PWC said the captive industry, like many others, is fighting to attract and retain young, diverse talent, and one of the main highlights of this year's conference is a session on the next generation of talent in the industry and their outlook for the future of the Bermuda market.

Danielle Moniz, manager, assurance — captive insurance, PwC Bermuda, who is among the panellists, said: “My session, the Future for Captives is Bright, will feature young professionals in the captive industry speaking about their experiences and how they've shaped their careers. We will talk about where we see the industry progressing and how it could change with the fresh perspectives of a millennial workforce.”

More of the topics and speakers at next week's conference have been announced by the organisers.

One of the sessions will look at the Bermuda captive solution. The moderator will be Grainne Richmond, vice-president at Dyna Management Services. The panellists are Dageria Morgan, treasury manager, Linamar Corporation; Lauri Andrews, director of insurance, The Ohio State University Wexner Medical Centre; Yusuf Hussain, head of risk, Gemini Trust; and Santiago Garcia, global insurance manager, Caterpillar Inc.

A session entitled “Insights on a Hardening Insurance Market — is there an end in sight?” will be moderated by Brian Quinn, founding director and owner of Granite Management.

The panellists are Judy Gonsalves, division president, Chubb Bermuda; Patrick Tannock, chief executive officer, insurance operations, XL Bermuda; Al Gier, global director, corporate risk management and insurance, General Motors Company; and John Turner, chairman, Ed broking.

The speakers will share insights on the hardening insurance market, what are the drivers, how long will it last, and what role they see for captives in the world.

There will also be a session entitled “The Global Impact of Covid-19: How will Investments be Impacted for Captives and the Global Market?”

Séadna Kirwan, executive vice-president, Aon, will moderate the discussion. The panellists are Bryan Gartenburg, senior vice-president, director of sales escrow and specialised services, Texas Capital Bank; Andries Hoekema, global head of insurance sector, HSBC Global Asset Management; Simon Smith, head of offshore corporate investments, Barclays; and Michael Ryan, executive director, head of insurance strategy, Sterling Capital Management.

For more information on the conference, the agenda and registration details, visit:

Growing interest: David Gibbons, captive assurance leader at PwC Bermuda, said there has been increased interest in captive insurance (Photograph supplied)

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Published September 04, 2020 at 9:00 am (Updated September 03, 2020 at 9:50 pm)

PwC: growing interest in captive formations

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