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Woodroffe showcases Bermuda market at World Captive Forum

Bermuda was represented by around 20 professionals at the 2013 World Captive Forum in Miami, Florida this week.

Among them is Michael Woodroffe, president of Bermudian independent reinsurance broker Kirkway International Ltd, who was a key speaker.

In his presentation, Mr Woodroffe presented an overview of the global reinsurance market in 2012 and gave an outlook for 2013. He showcased the Bermudian reinsurance companies that specialise in reinsuring captives.

However, the main focus of the speech was on reinsurance strategies, where Mr Woodroffe explained to the audience the importance in the current economic climate of scrutinising reinsurers and fronting companies security, buying long, locking in aggregate protection and sticking with trusted reinsurers.

In addition, he explained the perils of ‘swing rated deals’ and touched on some of the issues facing the workers’ compensation industry.

The event is attended by captive owners, captive managers, risk managers, benefit managers and other service providers either insured by a captive or seeking information of one.

A number of the captives represented are either domiciled in Bermuda or buy reinsurance from Bermuda-based reinsurers.

Now in its 22nd year, the three-day event is one of the largest international captive insurance conferences in the world.

Organised by Business Insurance, R&Q Quest and Towers Watson, it is designed to provide a space for exchanging ideas, networking and developing business relationships of an international scale.

Its domicile neutral status has become an important showcase for promoting Bermuda’s captive reinsurance capabilities to an extensive and relevant audience. Bermuda is home to more than 860 captives, writing $20 billion of gross premiums.

For more information on Kirkway or the Bermudian market, call 296-5829 or visit www.kirkwayintl.com

Michael Woodroffe

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Published January 31, 2013 at 8:00 am (Updated January 30, 2013 at 6:57 pm)

Woodroffe showcases Bermuda market at World Captive Forum

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