Captive sector steps up LatAm efforts
Spanish-speaking captive insurance experts in Bermuda have created special webcasts aimed at Latin American audiences in a bid to drum up business in the region.
The move by the Bermuda Business Development Agency follows the World Captive Forum, held in Florida from Monday to today.
Jereme Ramsay, BDA business development manager, said: “The Bermuda insurance market is lucky enough to have a wealth of LatAm experience, including numerous native Spanish speakers who work in this sector.
“Our recent webcasts on captive insurance in English have been so successful, we felt it was important to produce a parallel series for LatAm audiences that would complement our 2017 business development initiatives in the region.”
Latin America has been identified as a growth region for the captive insurance industry.
Grainne Richmond, president of the Bermuda Insurance Management Association, said: “Bermuda has been on the winning side of new captive formations from the LatAm region and interest in Bermuda continues to grow.
“Bima and our captive industry stakeholders understand that for Bermuda to keep developing new business, it's important we remain highly engaged with this region.”
The annual World Captive Forum, presented by Business Insurance magazine, traditionally attracts a significant number of Latin American delegates to its sessions and trade show, where the BDA has a booth.
The BDA led a 20-strong team from Bermuda, which included representatives from Aon, Appleby, Butterfield Bank, Estera, Granite Management, HSBC Global Asset Management, Kirkway International, KPMG, PwC, R&Q Quest Management, Marsh and Willis Towers Watson.
Bermuda executives both moderated and spoke at panels during the event, including Granite Asset Management's founding director Brian Quinn, Kirkway president Michael Woodruffe and native Spanish speaker Eduardo Fox of Appleby.
Ms Richmond said: “With the WCF attracting more risk managers, benefit managers, financial executives and organisations, it's important for Bermuda's captive industry to support this event.
“It presents a great opportunity for our domicile to meet with decision-makers within organisations to help determine if a captive and, more importantly, a Bermuda captive, should form part of their risk management strategy.”
The Spanish language BDA videos will be released through several digital channels over the next few weeks and can be seen at http://bda.bm/webcasts/.