One of Bermuda’s last independent insurance management companies has combined with one of the island’s original creators of a segregated accounts company.

Norfolk Reinsurance is a Class 3 company offering specialised risk-financing programmes towards reducing cost of insurance for clients.

Their joint venture with Independent Management Ltd could bring more British business and further the development for IML, which was first founded in Bermuda in 1984 by Peter Strong.

Justin Doherty, president and chief executive, said IML is somewhat unique, a boutique firm that offers a bespoke service to clients.

He said: “The market is changing quite a bit, and especially with AI, cyber, California wildfires — all these things that are going on, this is one of the better times to start thinking about how a captive can benefit your business.”

Through the new Bermuda company they have formed, they seek to bring business from the UK and elsewhere with new entrants to the captive market, specialising in SACs.

SACs hold assets and liabilities in separate accounts, ensuring that these accounts are distinct from each other and from the general assets of the company.

The laws creating the SAC framework was in response to the increasing number of applications for private acts of Parliament.

IML’s latest development involves the joint venture with Norfolk Re and a collaboration with its president, Anthony Valsamakis.

Mr Valsamakis said there is consulting done in London to help corporations understand the value of using Bermuda SACs.

He said: “We incorporated Norfolk Insurance Management Services and here I am. This morning, I was presenting to captive managers.”

As a joint venture on the island, the company actively sells Bermuda as the place for their clients’ captive insurance needs.

Most captive management companies have offices in more than one captive domicile.

In an interview with The Royal Gazette, the main message was similar to the one they have online: “Norfolk is a Bermudian company offering specialised and innovative risk-financing programmes, tailored to clients’ needs, which can significantly reduce the cost of insurance.”