New advocacy for Bermuda captives
A new advocacy group for Bermuda’s captive insurance industry has emerged, with the backing of key organisations and with membership launching in April.
Notably, the new Bermuda Captive Network aims to offer enhanced advocacy, leading and evaluating changes in Bermuda’s legislative and policy landscape in their representation of the captive industry.
Facing increasing pressure on Bermuda’s leading position as the world’s number one captive domicile, some 60 years after the island’s first modern-day captive, the Bermuda Captive Network has been launched to provide for Bermuda’s captive and managed insurance industry.
The organisations behind the new group include Bermuda Insurance Management Association (BIMA), the association of captive and insurance managers; the Bermuda Captive Owners Association, an association of the actual international owners of Bermuda captives; and, the Bermuda Captive Conference, which annually hosts in Bermuda one of the largest industry gatherings.
This year, the 18th Bermuda Captive Conference is a hybrid event in September as delegates return to a live event format for the first time in three years.
Vice-president of Strategic Risk Solutions Bermuda and BIMA president Grainne Richmond commented: “It is very fitting that at the 60-year anniversary of the first captive in Bermuda, we will now have one cohesive voice for our 650+ captives, their owners and their service providers.
“As the original backbone of the Bermuda insurance industry, it is no more than our stakeholders deserve and will serve to be a strong platform for the Bermuda captive solution to thrive, and be even more successful for generations to come.”
The Bermuda Captive Network will seek immediate international recognition as an independent association representing the island’s captive industry, its interests and future development.
Scott Reynolds, president and CEO at American Hardware & Lumber Insurance and president of the Bermuda Captive Owners Association, added: “I, and other captive owners, have long recognised Bermuda as the No 1 domicile in the world.
“The formation of the Bermuda Captive Network will give captive owners a best-in-class organisation from which to learn, share ideas, and interact with important regulators and service providers.
“Without exception, the captive owners I have spoken with about the network are looking forward to maximising the potential of their captives.”
Apart from added value to captive owners, the network’s strategies include growing its international presence, expanding available resources and delivering events, forums, consultation, data and analytics, as well as promoting the development of a more diversified membership.
Helen Cart, business development manager of the Bermuda Business Development Agency (BDA) said: “The BDA congratulates the Bermuda Captive Network for bringing Bermuda’s vital captive industry together into one independent voice.
“For the last 60 years, captives have been the foundation upon which Bermuda’s risk industry was built. The BDA remains committed to captives and looks forward to working with the network to build upon Bermuda’s success.”
Leslie Robinson, senior vice-president, head of underwriting and claims at Willis Towers Watson Management Bermuda and chairwoman of the Bermuda Captive Conference, added: “The Bermuda Captive Conference welcomes this new organisation that the annual event will now fall under.
“With expanded membership, this year’s conference will be exposed to more diverse thought leadership that will assist with planning of the conference, also allowing us to offer cutting-edge panel discussions with a wider variety of dynamic speakers.
“The new membership will also allow an avenue for many overseas sponsors of the event to have ongoing dialogue and networking opportunities throughout the year with the Bermuda market.”
Membership for the Bermuda Captive Network will feature three membership tiers (Premium, Partner and Affiliate) for both organisations and individuals.
Everyone with an interest in Bermuda’s captive market will be encouraged to join, including captive insurers, owners and managers, corporate service providers, re/insurers, brokers, audit, actuarial and legal firms, as well as colleges and universities.