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Healthcare insurance boost for Bermuda

Policymaker: President Barack Obama introduced the Affordable Care Act in 2010, which has expanded Medicaid coverage to millions of US citizens

The introduction of affordable healthcare in the US is a shot in the arm for captive insurance in Bermuda.

Now the Bermuda Business Development Agency (BDA) is to hold a special webinar to highlight the Island’s expanding healthcare insurance market.

The introduction of the 2010 Affordable Care Act in the US — known as ObamaCare as it was driven by President Barack Obama — has lead to the amalgamation of American hospitals and expanded Medicaid coverage to millions more US citizens.

The BDA said: “That trend has created demand for healthcare captives to offset the upsurge in potential risks.

“Indeed, the Island has seen substantial growth in the sector over the past five years, according to Bermuda industry experts, many of whom will be part of a BDA delegation to next month’s annual American Society for Healthcare Risk Management conference in Indianapolis.”

Oceana Yates, vice-president in captives for R & Q Quest Management Services, said Bermuda had more captives than anywhere else in the world and is on track to meet strict EU Solvency II financial standards.

She added: “Much investment has been made in providing truly innovative and relevant solutions healthcare-related entities.”

Ms Yates said that ObamaCare had meant hospitals employing more doctors directly, rather than being self-employed, buying physician groups and starting joint ventures with other entities to help manage healthcare costs.

She added: “The expansion of the reach of hospitals and other healthcare facilities is driving this captive growth in Bermuda.”

Bermuda has around 40 specialists writing healthcare insurance and reinsurance, a solid track record in payouts and local capacity to write up to $400 million for any single risk.

The hour-long webinar, to be broadcast at noon on Wednesday, September 30, will feature Ms Yates as one of the expert panellists.

People who register for the event will get online access to the webinar and a post-event download of the entire presentation.

Ms Yates said: “The webinar affords an excellent opportunity for those interested in the captive idea to interact directly with experts who have significant healthcare experience.

“The session will help to clarify how captives can add value in terms of enhanced risk strategy and tangible bottom-line results.”

Questions during the webinar can be e-mailed to info@bda.com or tweeted to @investBermuda#BDAcaptive.

• To register for the webinar, visit https://attendee.gotowebinar.com/register/7341015096435004929.