During a closed session of the Bermuda Captive Conference, owners of Bermuda captives met with regulators from the Bermuda Monetary Authority for updates on regulations and emerging trends that may impact the development of future regulations.

The session was designed to facilitate an open exchange and allow captive owners to share industry insights and observations with regulators.

The event featured Timae Flood, the BMA’s deputy director for insurance supervision.

Another closed-door session was billed as an objective review of leading domiciles and the factors that separate them, using a data-driven view of regulation, market maturity, service depth and long-term stability. The panel was also planned as a look at how different domiciles support various lines of business and where emerging opportunities are taking shape.

In addition, there was a series of short discussions of practical insights and actionable strategies involving governance, board management, engaging with rating agencies and cost controls.

“Unlocking More Value from Your Captive” was also a captive-owners-only session looking at the wider possibilities available to captive owners when they leverage the full strength of Bermuda’s ecosystem.

From new lines of business to alternative risk structures to reinsurance partnerships and investment approaches the panel examined how captives can evolve beyond their original remit and unlock new value.

The panel included Bron Turner, partner of KPMG in Bermuda, James Ferris, the chief executive of Davies Captive Management, Scott Reynolds, the CEO of Member Insurance, and Mike Meehan, principal of Milliman, the global independent actuarial and consulting firm.

Mr Meehan said he is seeing change in the captive market: “It’s a robust market. [There are] a lot of formations taking place, so we are seeing a lot of companies enter the captive market and determine they want to take control of their risk financing.

“But in addition to that, we are seeing a lot of activity with existing captives growing their programmes.

“So, whereas they may have initially started their captive to solve a very specific problem or fulfil a need, as they get more comfortable with the captive model, they start to take another look at maybe a strategic of their captive, what else can they be doing with their captive; what other coverages can they put in there; what other risks and exposures can they finance through that captive.”