More than 800 attend virtual Captive Conference
More than 800 guests from 33 countries on six continents attended the virtual 2021 Bermuda Captive Conference, organisers said on Friday.
The conference, held last Monday and Tuesday, attracted captive insurance owners, risk managers, brokers, captive managers, service providers, sponsors and vendors from Fortune 500 companies as well as Bermuda industry providers.
Bermuda’s largest industry conference was held virtually for a second consecutive year in response to continued uncertainty relating to the Covid-19 pandemic.
The conference committee, now acclimated to the virtual event space, said it produced a seamless digital offering that encompassed sponsor booths, educational sessions, and networking possibilities.
The conference committee sought to recreate popular aspects of its physical event, particularly those that generate traction and excitement, to the virtual platform, it said.
A post-conference survey indicated that more than 85 per cent of attendees reported the event was easy to access, 90 per cent of attendees said that they were able to fulfill their business priorities during the event, and 100 per cent of attendees surveyed reported that the quality of speakers and sessions was very good.
The conference attracted captive owners from 14 countries as well as those domiciled in Bermuda.
Alongside event sponsors, the Bermuda Captive Owners’ Association, Bermuda Insurance Managers Association and Bermuda Monetary Authority all hosted booths in an effort to share resources and encourage outreach with captive owners.
Additionally, Bermuda College hosted on-demand education sessions for anyone seeking to learn more about the industry.
With the theme of “Resilience”, the conference showcased commendable and distinguished speakers in their respective themes, incorporating a wide variety of topics such as the hardening insurance market, Covid-19 implications on the global and captive markets, regulatory updates and relevance of ESG strategies, the BCC said.
David Gibbons, a BCC committee member and gold event sponsor who is captive and assurance leader at PwC Bermuda, said of the current industry climate: “With the reinsurance market hardening and the increased demand for bespoke cover, the captive industry is at a growth point which we haven't seen for quite some time.
“We are seeing laser focus on risk management and mitigation (as a mechanism to manage and reduce costs) at the c-suite and board levels. Pressure is coming down from the top of the company to implement a captive solution within the group structure where in the past it would have been the chief risk officer trying to sell the idea to them.”
Keynote speaker Giles Duley, a celebrated photojournalist and humanitarian, addressed the gift of resilience by telling his own incredible story of survival while also weaving in the stories of remarkable people he documented through his work, “Legacy of War”.
Mr Duley said: “Resilience is the muscle we build through our life experiences. Focus on the things that you can change. Keep the things that you cannot change in your periphery but focus on the things you can control and change.”
Conference organisers said his story-telling left viewers feeling both inspired and humbled, with one attendee commenting: “Amazing and inspiring – I wish this could be shared with the schools. Giles is the epitome of hope and resilience against adversity. Truly inspiring – it brought tears to my eyes.”
Organisers said one attendee declared: “From human resilience to economic resilience, this event’s knowledgeable speakers have given us a lot to think about in terms of returning to sustainable recovery.”
Leslie Robinson, conference chair, added: “We were once again delighted with the overwhelming support of our sponsors, captive owners and the wider service provider community who assisted with the planning of this event.
“We must also give special thanks to the team at the Whitfield Group, who once again helped us to navigate through the planning of another successful virtual event.”
The conference committee thanked all local and overseas companies that supported this year’s event.
Event sponsors included Barclays Bank Plc, Business Development Agency, Graystone Consulting, a business of Morgan Stanley, HSBC Bermuda, PwC Bermuda, Truist Bank, AIG, Appleby, Willis Towers Watson, Beecher Carlson, Liberty Mutual Management, Butterfield, Aon, Davies Captive Management, Strategic Risk Solutions, Conyers, Allianz Global Benefits, Arthur Morris & Company, Artex, RiverStone, KPMG in Bermuda, AM Best, ASW Law/Compass Administration Services, Comerica Bank, CT Insurance Management, Clarien Bank, Randall & Quilter, Granite Management, Butler University, EY Bermuda, Mazars, MAXIS Global Benefits Network, Ocorian, Kennedys, Texas Capital Bank, Walkers, and Deloitte Bermuda.
The conference committee said it looks forward to welcoming guests back to Bermuda next year for an in-person conference June 13-15.