Strong interest for later captive conference
Moving from its usual slot in June has given organisers of the Bermuda Captive Conference an extra three months to fine-tune and promote the second-largest conference of its kind in the world.
And the 13th edition of the four-day event, to be held in September, is on track to match and possibly surpass last year’s record-breaking attendance.
The reason the conference was shifted further back on the calendar was to avoid clashing with the America’s Cup.
It means more time to attract attendees, and an opportunity to lock in competitive hotel room rates outside the peak summer months.
Hot topics at this year’s event include cyber-risk, medical and healthcare, and innovations.
Getting captive owners and perspective clients to visit the island is highly desirable, according to David Gibbons, conference chairman.
“They get to see the large presence of insurers and reinsurers in Hamilton, they get to meet people from the Bermuda Monetary Authority,” he said.
The event also brings together captive owners who have operations in Bermuda, and service providers connected with the sector on the island.
Bermuda is the world’s top jurisdiction for captives, with more than 780 on the island. The captives support mostly Fortune 500 companies in the US and generate more than $55 billion in annual gross written premiums.
Last year, 13 captives were formed in Bermuda, down from the 22 in 2015. But the numbers don’t tell the whole story.
Captive activity remains high, with the size of existing captives growing and cell captives being added.
“We see people expanding some of the captives and using innovations,” said Mr Gibbons.
The conference will be a platform for the exchange of ideas and innovations among captive owners and clients, with some sessions solely for captive owners.
Jereme Ramsay, of the Bermuda Business Development Agency, said: “The captive owners will be talking to one another about innovations, and learning from one another.”
Mr Ramsay, who is a business development manager, said: “We will have the excess carriers in the room, the brokers, and the service managers. We can showcase the island and the level of talent we have here.”
Additionally, organisations including the Bermuda Insurance Management Association, and the Association of Bermuda Insurers and Reinsurers, will be at the conference.
“There is a collaboration and a synergy like no other,” said Mr Ramsay.
He added that there are captive formations “in the pipeline” for Bermuda, and the September event should be an opportunity to secure further business.
Last year’s conference attracted 800 delegates. Organisers are aiming to beat that number.
Mr Gibbons said: “We have more than 500 room nights signed up, and 300 attendees. We are on track to go over 800 attendees.”
The BDA has been at the forefront of promoting Bermuda and its captive solutions, attending forums and organising roadshow tours in Canada, the US and Latin America.
In April, at the Risk and Insurance Management Society conference in Philadelphia, the Bermuda booth featured a more than 6ft high wraparound promotion for the Bermuda Captive Conference.
There was further promotional imagery on the shuttle bus that guests from the Rims conference, the insurance industry’s biggest annual event with 10,000 delegates, to the Bermuda reception.
“The Rims wraps and the roadshows created a lot of interest,” said Mr Gibbons.
The conference, to be held at Fairmont Southampton, starts on September 10 and ends on September 13. A number of activities outside the conference rooms are planned, including a golf tournament, yoga, an explore Bermuda fitness walk and opportunities to play tennis, which are expected to generate revenue for island’s economy.
Philippe Rouja, principal scientist, marine heritage and ocean human health, for the Bermuda Government, is the keynote speaker. He will give a talk on the island’s shipwreck history.
Details on the conference can be found at https://bermudacaptiveconference.com